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The Cards and Payments Industry in Australia: Emerging Trends and Opportunities to 2020

  • August 2016
  • -
  • GlobalData
  • -
  • 89 pages

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Synopsis
Timetric’s 'The Cards and Payments Industry in Australia: Emerging Trends and Opportunities to 2020' report provides detailed analysis of market trends in the Australian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including direct debits, check payments, payment cards, cash transactions and credit transfers during the review period (2011–2015).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, and transaction values and volumes during the review period and over the forecast period (2016–2020). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together Timetric’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

Summary
Timetric’s 'The Cards and Payments Industry in Australia: Emerging Trends and Opportunities to 2020' report provides top-level market analysis, information and insights into the Australian cards and payments industry, including:

- Current and forecast values for each market in the Australian cards and payments industry, including debit card, credit and charge cards.

- Detailed insights into payment instruments including direct debit, credit transfers, cash transactions, checks and payment cards. It also, includes an overview of the country's key alternative payment instruments.

- E-commerce market analysis.

- Analysis of various market drivers and regulations governing the Australian cards and payments industry.

- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.

- Comprehensive analysis of consumer attitudes and buying preferences for cards.

- The competitive landscape in the Australian cards and payments industry.

Scope
- This report provides a comprehensive analysis of the Australian cards and payments industry.

- It provides current values for the Australian cards and payments industry for 2015, and forecast figures to 2020.

- It details the different demographic, economic, infrastructural and business drivers affecting the Australian cards and payments industry.

- It outlines the current regulatory framework in the industry.

- It details marketing strategies used by various banks and other institutions.

Reasons To Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Australian cards and payments industry and each market within it.

- Understand the key market trends and growth opportunities in the Australian cards and payments industry.

- Assess the competitive dynamics in the Australian cards and payments industry.

- Gain insights into marketing strategies used for various card types in Australia.

- Gain insights into key regulations governing the Australian cards and payments industry.

Key Highlights
- The uptake of alternative payments among Australian consumers is gaining traction due to the availability of a number of options, such as Bpay, POLi payments, Paymate and PayPal. Most recently, in June 2016, Samsung Pay entered the Australian market in collaboration with American Express and Citibank. Similarly, in January 2016, NAB Pay was launched by National Australia Bank (NAB), which was followed by ANZ Bank’s ANZ Mobile Pay the next month, respectively. Also, the country has presence of number of global alternative payment solutions such as Apple Pay, Master Pass and Android Pay. The entry of new payment solutions is likely to intensify competition in Australia’s alternative payments market.

- To capitalize on the growing popularity of contactless payments, mobile network operator, Optus added new contactless bands and stickers to its mobile payments platform – Cash by Optus in February 2016. In 2015, the Commonwealth Bank of Australia (CBA) launched the Tap & Pay service for Android smartphone users. The service is based on near-field communication (NFC) technology, linked to the bank account. Australia’s most widely used electronic payments system – Electronic Fund Transfer Point of Sale (Eftpos) – joined the contactless payments movement in 2014. Initiatives such as these are anticipated to drive contactless payments over the forecast period (2016–2020).

- The cost incurred on card transactions by merchants in Australia is passed on to the customers in the form of surcharges. To regulate excessive surcharges on credit and debit card payments, Reserve Bank of Australia (RBA) – the central bank in May 2016 issued a set of new guidelines. Under this, surcharge will be limited to costs incurred by merchants including bank fees and terminal costs. The new regulation is anticipated to result in a reduction in card payment cost and will ease cost pressure on goods and services for consumers. The new regulation will be effective from September 1, 2016 for large merchant and September 1, 2017 for other merchants.

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