Australia Cards and Payment Market is in the growing stage, owing to the rising of contactless payments, increasing debit card usage and the emergence of digital wallets. The Cards and Payment Industry in Australia is highly fragmented with key players such as CommBank, Westpac, ANZ, NAB and Bendigo and Adelaide Bank etc.
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Key Market Findings:
- Australia Cards and Payment Market was valued at USD ~ in 2022 and is projected to grow to USD ~ by 2027F, registering a CAGR of ~% during the forecast period (2022-2027F).
- Cards and payments companies are investing in technologies and formulating guidelines to prevent card and payment fraud.
Adoption of Contactless Payments: With consumers becoming more accustomed to contactless payments and the advantages they offer, and merchants who were reluctant or unable to accept contactless payments are now being able to do so, the pandemic-driven shift towards contactless is likely to represent a sea of change; payment habits formed during the pandemic are likely to continue, as an increased number of consumers have now discovered the benefits of contactless payments. As a result of this shift, there will be increased demand for contactless payments across all mechanisms going forward. The adoption of contactless payments for public transport will also help drive payment card use.
Increasing Popularity of Debit Cards: When paying with a card, Australians are increasingly choosing debit cards rather than credit cards. Over the past decade, the value of debit card payments has grown much more as compared to credit cards. Moreover, the number of domestic credit card accounts has fallen since 2018. The 2019 CPS showed that debit cards are now the most frequently used method of payment by Australian consumers, compared with credit cards. The increase in the popularity of debit cards compared with credit cards is likely to reflect a range of factors, including reductions in the generosity of credit card rewards programs and changing attitudes towards accumulating this type of personal debt, particularly among younger consumers. Another factor has been the introduction in the mid-2000s of international scheme debit cards, which provide much of the same payment functionality as credit cards. This is contributing to the overall market growth.
Analysts at Ken Research in their latest publication “Australia Cards and Payment Market Outlook to 2027F – By Cards (Debit Cards, Credit Cards, Prepaid Cards), By Payment Terminals (POS and ATM’s), By Payment Instruments (Credit Transfers, Direct Debit, Cheques, Cash and Payment Cards)” observed that Australia Cards and Payment Market is expected to showcase considerable growth in the coming five years. In the upcoming years, it is predicted to expand more rapidly due to rising of contactless payments, increasing debit card usage and the emergence of digital wallets. The Cards and Payment Market in Australia is expected to grow at ~% CAGR over the forecasted period 2022-2027F.
Key Segments Covered in the report
By Cards
- Debit Cards
- Credit Cards
- Prepaid Cards
By Payment Terminals
- POS
- ATM’s
By Payment Instruments
- Credit Transfers
- Direct Debit
- Cheques
- Cash
- Payment Cards
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Key Target Audience
- Government Bodies and Regulatory Authority
- Fintech Companies
- Investors and Financiers
- Venture Capitalist
- New Market Entrants
- Banks
- NBFCs
Time Period Captured in the Report:
- Historical Period: 2017-2022
- Base Period: 2022
- Forecast Period: 2022-2027F
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Companies Covered:
- CommBank
- Westpac
- ANZ
- NAB
- Bendigo and Adelaide Bank
- Credit unions and building societies
- Suncorp
- Heritage Bank
- Bank of Queensland
- Citibank
- HSBC
- eftpos
- Visa
- Mastercard
- American Express
- Diners Club
- Worldline
- Tyro
- Fiserv
- PayPal
- Apple Pay
- Afterpay
- Google Pay
- Klarna
- Samsung Pay
- POLi
- Click to Pay
- Beem
Key Topics Covered in the Report
- Australia Cards and Payment Market Overview
- Australia Cards and Payment Market Segmentation
- Ecosystem of Australia Cards and Payment Market
- Market Share of Major Players in Australia Cards and Payment Market
- Industry Analysis of Australia Cards and Payment Market
- Value Chain of Cards and Payment Market in Australia
- Key Growth Drivers of Australia Cards and Payment Market
- End User Analysis of Australia Cards and Payment Market
- Key Challenges of Australia Cards and Payment Market
- SWOT Analysis of Australia Cards and Payment Industry
- Future Outlook of Australia Cards and Payment Market
- Trends and Development of Australia Cards and Payment Market
For more information on the research reports, refer to below link:
Australia Cards and Payment Market Outlook to 2027F
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