Australia Cards & Payments Sector Reviewed by Timetric in New Report Now Available at MarketPublishers.com29 Jul 2015 • by Natalie Aster
LONDON – The Australian market for payment cards is one of the most developed ones worldwide. E-payments have steadily grown in popularity in the country, supported by the increasing prominence of contactless technology. Consumers tend to use faster and more secure payment options, leading to mobile carriers, online and traditional retailers, and other service providers offering digital payment options.
Australia’s most popular Electronic Fund Transfer Point of Sale (EFTPOS) system joined the movement of contactless payments in September 2014. Close to 1 million contactless transactions are performed by Visa cardholders on a daily basis, with contactless transactions accounting for 10% overall payment card transactions in August 2014. Further, 820,000 EFTPOS terminals – representing just under 95% of the country’s all POS terminals – will likely be upgraded by end-2015. This is expected to drive the values and volumes of payment card transactions during the forecast period.
Due to strong competition in the domestic payment cards marketplace, operators are increasingly introducing a slew of innovative payment solutions. In February 2013, MasterCard introduced its novel MasterPass digital wallet. In December 2013, Visa delivered its digital wallet service, V.me; the latter was afterwards replaced by Visa Checkout, which has additional features and is destined to make online transactions more convenient for customers.
New market research report “The Cards and Payments Industry in Australia: Emerging Trends and Opportunities to 2019” drawn up by Timetric provides a complete guide to Australia's cards and payments sector. It provides volumes and values (2010–2014) for a range of performance indicators in the industry, comprising cash transactions, check payments, direct debits, credit transfers and payment cards. The study examines different payment card sectors in the industry with historical and forecast data on the number of cards in use as well as transaction values and volumes. It reviews the competitive landscape, covering schemes and issuers’ market shares. The report also gives details of the latest changes in regulatory structure, regulatory policy, card fraud rates, and profiles of the domestic card issuing companies.
Top companies mentioned: MasterCard, National Australia Bank, Commonwealth Bank of Australia, Cuscal, Westpac Banking Corporation, ANZ Bank, American Express, Citibank Australia, Eftpos, and Visa.
The Cards and Payments Industry in Australia: Emerging Trends and Opportunities to 2019
Published: July, 2015
Price: US$ 3,995.00
More studies by the publisher can be found at Timetric page.