Australia Cards and Payments - Opportunities and Risks to 2026

GlobalData's 'Australia Cards and Payments - Opportunities and Risks to 2026' 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, credit transfers, cash, direct debits and cheques during the review-period (2018-22e).

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 (2022e-26f). 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.

The 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, credit transfers, cash, direct debits, and cheques . It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce 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 of the Australian cards and payments industry.

Scope

• The adoption of contactless payments for public transport will further drive payment card use. In June 2022, Queensland's government enabled an open-loop contactless ticketing system on the Ferny Grove suburban rail line in Brisbane, allowing commuters to make transport payments by tapping contactless debit and credit cards, supported mobile wallets, and wearables against contactless readers. Previously, Queensland enabled contactless payments on the Gold Coast Light Rail network in December 2020. The state's government is planning to roll out the system across 18 regional centers by the end of 2022.
• In sharp contrast to the contactless card market, both adoption and usage of mobile wallets are comparatively low in Australia. While over half of Australian consumers have a mobile wallet, only 11.4% have used it to make payments in the past 12 months. The availability of mobile payment solutions such as Apple Pay, Google Pay, and Samsung Pay is encouraging the uptake of mobile payments among consumers. Moreover, the COVID-19 pandemic has driven usage of mobile payments as consumers look to avoid exposure to potential disease vectors. Meanwhile, in May 2022, eftpos launched a QR code payment system dubbed eQR in Australia. The solution allows consumers to make payments by scanning QR codes at merchant stores. eftpos developed the necessary QR code payment infrastructure back in July 2021, and in November 2021 partnered with CommBank, National Australia Bank (NAB), Coles, Woolworths, Azupay, Beem, and Merchant Warrior to roll out the system.
• Australia boasts one of the largest buy now pay later markets in the world. This is mostly due to a shift in consumer preference from credit cards to buy now pay later solutions, particularly among younger consumers. While the market is dominated by domestic players Afterpay and Zip, new players are entering the space. Klarna entered Australia in December 2020, with over 1 million app downloads as of September 2021. PayPal launched its Pay in 4 service in Australia in July 2021, while CommBank launched a buy now pay later service called StepPay in August 2021, which also allows users to make purchases in four interest-free installments. NAB launched a similar service called NAB Now Pay Later in May 2022.

Reasons to Buy

The report provides top-level market analysis, information and insights into the Australian cards and payments industry, including -

• 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.