Table of contents

Market Overview

Payment Preferences: Cash, Card and Mobile wallet

Card-based Payments

Merchant Acquiring

E-commerce Payments

Mobile Proximity Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Payments Infrastructure & Regulation

Appendix

Australia Cards & Payments: Opportunities and Risks to 2023

Summary

GlobalData’s 'Australia Cards & Payments: Opportunities and Risks to 2023' 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 cards, cash, direct debits, credit transfers, and cheques during the review-period (2015-19e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2019e-23f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

GlobalData’s 'Australia Cards & Payments: Opportunities and Risks to 2023' 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, credit, and charge cards.
- Detailed insights into payment instruments including cards, cash, direct debits, credit transfers, and cheques. 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.

Scope

- To offer enhanced convenience and encourage electronic payments for even low-value transactions, in February 2018 the Reserve Bank of Australia (RBA) and its Payments System Board rolled out a new payments infrastructure known as NPP. The service allows users to make payments and transfer funds in real-time 24 hours a day, seven days a week, 365 days a year. Developed by SWIFT in collaboration with 13 members of Australia’s financial services industry, the platform allows users to enter only the recipient’s mobile phone number or email address to transfer money. The service is now offered by over 80 financial institutions, with over 3 million accounts created since launch. And in June 2019 NPP QR code standards were released, which enable payment providers to develop and offer QR code-based instant payment solutions.
- The advent of digital-only banks is likely to stir competition in the Australian banking sector. In July 2019, neobank 86 400 secured a full banking license from the Australian Prudential Regulation Authority (APRA). Volt Bank received a restricted ADI license from APRA in May 2018 then secured a full banking license in January 2019. Bendigo and Adelaide Bank rolled out pureplay digital bank Up in October 2018 as part of its strategy to attract millennials. Judo Bank, an SME-focused digital bank, launched in May 2019. Xinja was the latest to secure full banking license in September 2019.
- Australians have embraced contactless technology, which has become a mainstream payment option at retailers, restaurants, and events. The technology is also increasingly being adopted for public transport systems. In March 2018, contactless payments were introduced for ferry and light rail services in Sydney. The service was later extended to Sydney trains in November 2018, and was made available on buses across Sydney in July 2019. Commuters can make payments by tapping contactless debit and credit cards, supported mobile wallets, and wearables against contactless readers. The growing popularity of contactless has also encouraged payment industry participants to adopt new point of sale (POS) terminals. In August 2018, Australia Post rolled out smart POS terminals across its 3,600 post offices, allowing customers to make contactless payments using wearables and mobile devices.

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.