The report
“Australia’s Cards and Payments Industry: Emerging
Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive
Landscape” by Timetric
is now available at RnRMarketResearch.com. Contact sales@rnrmarketresearch.com with report name in subject line
and your contact details to purchase this report or get your questions
answered.
The
Australian card payments channel registered marginal growth between 2008 and
2012. A positive economic outlook, the need for more sophisticated prepaid
cards and an increase in online shopping all combined to support the growth of
the card payments channel.
Over the last
five years, the card payments channel increased in volume at a CAGR of 5.18% to
reach 98.0 million cards in circulation in 2012. In value terms, the card
payments channel valued AUD601.0 billion (US$624.2 billion). As more consumers
move away from cash, card payments are expected to deliver strong growth over
the coming years.
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.
The card payments channel grew moderately between 2008 and 2012, both
in terms of volume and value. In terms of transaction volume it posted a CAGR
of 5.18%, growing from 80.1 million transactions in 2008 to 98.0 million in
2012. Debit and credit card transactions remained key growth drivers, followed
by the emerging prepaid cards category.
The total card transaction volume is expected to grow at a CAGR of
3.20% over the next few years to reach 115.7 million in 2017. In value terms,
the channel recorded a CAGR of 4.98% over the last five years, from AUD494.7
billion (US$415 billion) in 2008 to AUD601.0 billion (US$624.2 billion) in 2012
and is expected to post a CAGR of 3.47% from AUD630.0 billion (US$637.7
billion) in 2013 to AUD722.1 billion (US$673.4 billion) in 2017. This growth is
expected to be driven by increasing demand for prepaid cards, improvements to
the regulatory framework, online and mobile commerce, and a positive economic
outlook.
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The emergence of mobile commerce in Australia has supported the
development of contactless payments and near-field communication (NFC)
platforms. The arrival of MasterCard PayPass, a smartphone contactless payment
mechanism, is one of the main developments. To make use of the benefits of Pay
Pass, a number of issuers are supplying PayPass-enabled cards. In 2011,
Vodafone, in partnership with Visa, introduced a mobile wallet service to
provide shoppers with the ability to pay for products or services via their Smartphone
handset.
The development of mobile wallets, specifically for mobile commerce, is
expected to change the dynamics of the card payments channel. It will create a
wave of new handset original equipment manufacturers (OEMs), and NFC chip
makers, aiming to capitalize from this new revenue stream. This will increase
competition between commercial banks, in many cases force them to adopt
evolving payment technologies to gain a competitive advantage.
A number of important economic, business and infrastructural drivers
are expected to promote the Australian cards and payments industry. The growth
of per capita GDP and lower inflationary pressures are bolstering payment
channels. Prepaid cards, government purchase cards, e-commerce and mobile
commerce are also considered positive drivers. Infrastructural drivers include
the government’s insistence on bank-developed software applications for mobile
and e-banking purposes.
Reasons
to buy:
- Increase your knowledge of the cards and payments industry in
Australia.
- Minimize the business risks you may face within this market
- Obtain a better understanding of the key drivers within this
industry.
- Gain a clear understanding of market opportunities and entry
strategies to gain or grow your market share in the cards and payments industry
in Australia.
- Receive the information needed to gain a greater understanding of the
competitive landscape of the cards and payments industry in Australia.
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