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Australia Payment Cards Market is expected to grow at 5% CAGR during 2015 – 2020, in terms of total number of card transactions

April 2016

P&S Market Research releases a new research report on cards and payments market:
Australia: Cards and Payments Market - Size, Share, Development, Growth and Forecast to 2020

The research report provides in depth analysis and insights into the Australia Cards and Payments Market including, strategies deployed by banks to market debit and credit cards and competitive landscape (card issuers in the country) for both debit cards and credit cards. The study includes 3 years historical market size and 6 years market forecast in terms of number of cards, value and volume of transactions processed through these cards, and other key metrics. The report also provides information on the key industry trends, major schemes, banks and detailed segmentation of card and payment industry. The research report is a new offering from the company’s Financial Services domain, and leveraged from the company’s existing cards and payments database of 50+ countries.

Explore Report with Detailed TOC at: https://www.psmarketresearch.com/market-analysis/australia-cards-and-payments-market

In terms of number of cards in circulation, the Australian payment cards market is expected to grow at a CAGR of 2.4% over the period 2015-2020. With 24 million of total population in Australia, the payment card penetration in the country reached 2.8 cards per person in 2014. The high penetration in the country is due to the culture of holding multiple cards and card issuer aggressive marketing strategies deployed in the country. The growth of cards in circulation during the period 2012 -2014 can be attributed to a rising banked population, growing disposable income, the expansion of ATMs and POS terminals, and greater acceptance of payment cards in the country.


In Australia, debit cards recorded a decline in average transaction value (ATV). Debit cards in the country are largely used by consumers at POS terminals rather than cash withdrawals at ATMs. Australia has the fourth highest credit card penetration in the Asia Pacific region. However in absolute terms, credit card penetration is low, with only 0.88 card per person. This shows that the credit card market has growth potential in the country, considering the highest penetration of 2.7 cards per person in Japan, followed by Hong Kong (2.5 credit card per inhabitant) in the same region. The value of credit card transactions reported at POS terminals was greater than that reported at ATMs. Food and drinks were the most frequently purchased items in Australia using both debit and credit cards. The purchase of food and drinks category was followed by clothing and footwear.

Whereas, the charge cards have the highest average transaction value among all the card segments in the country. In 2014, average transaction value of charge cards was AUD 299 and that of credit cards was AUD 122.

Some of the key competitors in the payment card market include Westpac Bank, CBA, ANZ Bank and others.

Reasons to buy

  • Access the historical and forecast data of cards and payments market in Australia.
  • Understand the key trends, drivers and growth opportunities in Australia’s cards and payments market.
  • Frame informed and customized strategies for market expansion by identifying the strategies adopted by the key players.
  • Access to banks and card issuers’ competitive intelligence.

 

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P&S Market Research is a market research company, which offers market research and consulting services for various geographies around the globe. We provide market research reports, industry forecasting reports, business intelligence, and research based consulting services across different industry/business verticals.

As one of the top growing market research agency, we’re keen upon providing market landscape and accurate forecasting. Our analysts and consultants are proficient with business intelligence and market analysis, through their interaction with leading companies of the concerned domain. We help our clients with B2B market research and assist them in identifying various windows of opportunity, and framing informed and customized business expansion strategies in different regions.

 

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