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The Taiwanese card payments channel demonstrated moderate growth during the review period. In terms of number of cards in circulation, the channel grew at a CAGR of 2.41% to reach 119.0 million in 2012. Robust banking infrastructure in the country and a shift towards cashless transactions by consumers contributed to the growth of the channel during the review period. Card volume is expected to grow at a CAGR of 2.49% over the forecast period, to reach 135.8 million in 2017. In terms of transaction value, the card payments channel declined from TWD12.6 trillion (US$400.1 billion) in 2008 to TWD10.6 trillion (US$356.8 billion) in 2012, at a review-period CAGR of -4.34%.