Australian Cards and Payments Market Report 2020: Current and Forecast Values for Debit, Credit and Charge Cards Sectors

DUBLIN, Nov. 6, 2020 /PRNewswire/ -- The "Australia Cards and Payments - Opportunities and Risks to 2024" report has been added to ResearchAndMarkets.com's offering.

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This 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 cash, cards, credit transfers, cheques, and direct debits during the review-period (2016-20e).

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 (2020e-24f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

This 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 cash, cards, credit
        transfers, cheques, and direct debits. 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
        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 the recipient's mobile phone number or email address to transfer
        money. The service is now offered by over 90 financial institutions,
        with over 5 million accounts created since launch. In June 2019, NPP QR
        code standards were released, which enable payment providers to develop
        and offer QR code-based instant payment solutions.
    --  Australian consumers have embraced contactless technology. Contactless
        is now 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 all buses across Sydney by
        September 2019. Commuters can make payments by tapping contactless debit
        and credit cards, supported mobile wallets, and wearables against
        contactless readers. By September 2019, around 9 million contactless
        payments had been made using 1.4 million unique contactless debit and
        credit cards since launch.
    --  Buy now pay later is gaining popularity in Australia. This is mostly due
        to a shift in consumer preference away from credit cards, particularly
        among Generation Z, who are more wary of their spending. Third-party
        providers remain the key players in the market, offering various
        options. Almost 5.8 million Australians have a buy now pay later account
        with brands including Afterpay, Zip, Laybuy, Openpay, and Payright. In
        January 2020, Sweden-based buy now pay later service provider Klarna
        launched in Australia in partnership with CBA.

Key Topics Covered:

    --  Payment Instruments
    --  Card-based Payments
    --  Merchant Acquiring
    --  E-commerce Payments
    --  Buy Now Pay Later
    --  Mobile Proximity Payments
    --  P2P Payments
    --  Bill Payments
    --  Alternative Payments
    --  Payment Innovations
    --  Payments Infrastructure & Regulation
    --  Appendix

Companies Mentioned

    --  CBA
    --  Westpac
    --  ANZ
    --  NAB
    --  Bendigo and Adelaide Bank
    --  Credit unions and building societies
    --  Suncorp
    --  Heritage Bank
    --  Bank of Queensland
    --  Citibank
    --  HSBC
    --  Visa
    --  Mastercard
    --  American Express
    --  eftpos
    --  Diners Club

For more information about this report visit https://www.researchandmarkets.com/r/o99j76

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