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The Cards and Payments Industry in Austria: Emerging trends and opportunities to 2020

The Cards and Payments Industry in Austria: Emerging trends and opportunities to 2020

  • December 2016
  • 50 pages
  • ID: 4126851
In this report:
This is expected to shape consumer demand and provide scope for the growth of payment cards, as this population is more inclined to adopt electronic payments.
With the increased number of POS terminal installations at retail outlets, the country's potential for card-based payments is also expected to grow.

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The Cards and Payments Industry in Austria (AT): Emerging trends and possibilities to 2020

Brief

Cash remains the preferred mode of consumer payments in Austria (AT), accounting for 48.30 percent of the global transaction volume in 2016. This is primarily due to consumer preference for the convenience of cash, and the low acceptance of cards for small-value payments. However, the use of payment cards has increased since 2013, in line with the improving economy and an increasing banked population. The frequency of use for payment cards in Austria (AT) was 70.6 in 2016 - bigger than Luxembourg (63.8) and Greece (28.4), but lower than Switzerland (72.8), Belgium (BE) (81.8), Portugal (PT) (105.9), the netherlands (NL) (127.1), and Ireland (137.9).

Austrian consumers have traditionally used debit cards as a preferred means of payment. Most Austrian consumers are banked and have at least one debit card, as highlighted by a debit card penetration of 1.5 cards per individual in 2016. With the European debt crisis and uncertain economic conditions, various Austrian consumers prefer to use debit cards for purchases, to keep expenses in check. A singular feature of Austrian debit cards is the Quick function, which allows Maestro card holders to load up to USUS$420.90 (EUR400) at any ATM or particular terminal, which is debited to the card holder's account.

Different banks in Austria (AT) are increasingly using digital channels to offer banking services to their customers. Erste Bank in September 2014 introduced a additional service permitting

Austrian consumers to open bank accounts online. Individuals need not visit a branch, as customer identification is carried out through an online payment transfer from an existing account with an Austrian bank. Once approved, the account is activated within two working days.

The fast increasing e-commerce market is in turn driving growth in Austria's payment cards market. E-commerce registered a compound annual growth rate (CAGR) of ~12.7 percent during 2012-16, increasing from US$5.4bn (EUR5.1bn) in 2012 to US$8.7bn (EUR8.3bn) in 2016. Conventional instruments - including payment cards - remain the preferred mode of payments for e-commerce transactions, accounting for 68.50 percent of the global e-commerce transaction value in 2016.

The market research "The Cards and Payments Industry in Austria (AT): Emerging trends and alternatives to 2020" report offers top-level market analysis, info and business insights into the Austrian cards and payments industry.

In unique, this reports provides the following -

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

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

- E-commerce market analysis and payment methods.

- Analysis of different market drivers and regulations governing the Austrian cards and payments industry.

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

Firms mentioned in this industry report: Raiffeisen Bank, Bank Austria, BAWAG PSK, Erste Group, Volksbank, Ober Bank, Visa, Mastercard, Diners Club, American Express.

Overview

- Contactless payments are gaining prominence in Austria (AT), with all main banks in the country - including Erste Bank, BAWAG PSK, and Volksbank - offering cards with contactless functionality. Overall, the number of contactless cards in the country rose from 3 million in 2013 to 12 million in 2016, and is anticipated to reach 16 million by 2020. Additionally, contactless mobile payments are also gaining prominence. In June 2016, Erste Bank launched a range of NFC payments in the country. Users can make payments using enabled wristbands, stickers, or mobile apps launched by the bank. Moreover to in-store payments, the method can be used to withdraw cash at NFC-enabled ATMs.

- The Austrian Supreme Court made one-off loan-processing fees lawful in June 2016, allowing banks to include processing fees, payments, and commissions which must be paid by borrowers additionally to the principal loan amount. This fee depends on the global loan amount rather than the actual expenses incurred in processing a loan, which is sometimes inconvenient for consumers. Charging a one-off loan-processing fee is a common practice that has been applied by banks for decades in Austria (AT), and the Supreme Court's ruling will further encourage banks to continue this exercise. This may lead consumers to look for other low-cost borrowing options including credit cards.

- The uptake of alternative payments is gradually growing in Austria (AT), with the availability of several payment solutions. The recent is the launch of the Seqr mobile payment app in July 2016, which enables consumers to make online and retail purchases using Quick Response codes. In August 2015, PayPal expanded its One Touch instant checkout service to Austria, which can be activated from the PayPal website and can be used to skip the login process at eligible websites to accelerate the payment process. Other alternative payment solutions, including Sofort, Klarna, Paysafecard, and Skrill, are also available in Austria.

Great reasons to purchase

- Make tactical business decisions, using top-level historic and forecast market data, related to the Austrian cards and payments industry and each market within it.

- Comprehend the top market trends and growth opportunities in the Austrian cards and payments industry.

- Assess the ambitious dynamics in the Austrian cards and payments industry.

- Gain insights into marketing strategies used for different card types in Austria (AT).

- Gain insights into main regulations governing the Austrian cards and payments industry.

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