Australia Cards and Payments: Opportunities and Risks to 2028

The analyst's ‘Australia Cards and Payments: Opportunities and Risks to 2028' 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, cheques, and credit transfers during the review-period (2020-24e).

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 (2024e-28f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together the analyst’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 analyst's ‘Australia Cards and Payments: Opportunities and Risks to 2028' 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, cheques, and credit transfers. 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

• Contactless payments are increasingly being rolled out in the transport sector. In November 2023, transit payments processor Littlepay deployed contactless payments across the Hobart Airport to Hobart City bus route in partnership with Mastercard, CommBank, UK-based fare collection technology provider Masabi, and Japanese technology company Fujitsu. Travelers can now make contactless payments using cards and mobile devices for this journey, eliminating the need to purchase tickets before boarding. Meanwhile, Victoria’s government is planning to overhaul its Myki ticketing system to accept contactless cards in collaboration with CommBank and business solutions provider Conduent. This functionality is set to be rolled out in 2025.
• Credit and charge cards have lower adoption compared to debit cards, and rising credit card interest rates will prove a challenge to their adoption. Major banks such as Westpac, ANZ, National Australia Bank (NAB), and CommBank are gradually increasing their interest rates. For instance, from June 20, 2024, the APR on Westpac’s Rewards and Low Fee credit cards will increase by up to 1.25 basis points to 20.99%, while cash advance rates on all credit cards will increase by 0.5 basis points to 21.99%. This highlights that credit is becoming more expensive in the country.
• Australia’s ecommerce market is experiencing healthy growth. To benefit from this trend, retailers are introducing unique online shopping concepts such as livestream shopping. In January 2023, IKEA launched a livestream shopping experience whereby users can buy products directly from its website while streaming home furnishing videos. Links for specific products are available in the livestream window, meaning consumers do not need to search for the products on the website-thus offering consumers a more convenient experience.

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.