DUBLIN, October 18, 2021– (COMMERCIAL THREAD)–The “Australia Cards and Payments – Opportunities and Risks until 2025” report was added to ResearchAndMarkets.com offer.
The report “Australia Cards and Payments – Opportunities and Risks to 2025” provides a detailed analysis of market trends in the Australian cards and payments industry.
It provides values and volumes for a number of industry key performance indicators including cash, cards, wire transfers, checks and direct debits during the review period (2017- 21st).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, values and transaction volumes during the review period and during the forecast period. (2021e-25f). It also offers information on the country’s competitive landscape, including the market shares of transmitters and systems.
The report brings together the publisher’s expertise in research, modeling and analysis to enable banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in the regulatory structure.
This report provides high-level market analysis, insight, and insight into the Australia Cards and Payments industry including:
Current and forecast values for each market in the Australian card and payments industry, including debit, credit and charge cards.
Detailed information on payment instruments including cash, cards, wire transfers, checks and direct debits. It also includes an overview of the main alternative payment instruments in the country.
Analysis of the e-commerce market.
Analysis of various market drivers and regulations governing the Australian card and payments industry.
Detailed analysis of the strategies adopted by banks and other institutions to market debit, credit and payment cards.
The proliferation of digital-only banks is likely to fuel competition in Australia’s banking industry and boost electronic payments. Bendigo and Adelaide Bank rolled out pure digital banking Play Up in October 2018 as part of their strategy to attract millennials. Australian neobank Volt Bank received a Restricted Authorized Depository Institution license from the Australian Prudential Regulation Authority (APRA) in May 2018, then obtained a full banking license in January 2019. Judo Bank – a digital bank focused on PME – was launched in May. 2019. Neobank 86,400 obtained a full banking license from APRA in July 2019. In April 2021, Virgin Money Australia launched its digital bank in Australia, offering transaction and savings accounts as well as Visa debit cards . In August 2021, digital-only bank Alex launched its operations in the country. The bank currently offers personal loans and plans to launch savings accounts in the future.
The growth of payment cards has been fueled by the increasing use of contactless cards. In December 2020, CBA worked with the Government of Queensland to enable contactless payments on the Gold Coast Light Rail network. Commuters can make payments using contactless debit and credit cards, supported mobile wallets, and portable devices against contactless readers.
Buying Now Paying Later is gaining popularity in Australia. This is mainly due to a shift in consumer preference for credit cards to buy now pay later, particularly among Gen Z consumers. While the market is dominated by established third-party providers such as Afterpay, Zip and Openpay, new players are also entering the market. In January 2020, Klarna, a now and later purchasing services provider based in Sweden, was launched in Australia in partnership with the Commonwealth Bank of Australia (CBA). In July 2021, PayPal launched its Pay in 4 buy now pay later service in Australia. In August 2021, CBA launched a Buy It Now, Pay Later Service called StepPay, which allows users to make purchases in four interest free installments. Meanwhile, in August 2021, US-based payment service provider Square struck a deal with Afterpay to acquire all of the latter’s issued shares. The acquisition is subject to approval and is expected to be completed in the first quarter of 2022.
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For more information on this report, visit https://www.researchandmarkets.com/r/otgser
See the source version on businesswire.com: https://www.businesswire.com/news/home/202111018005840/en/
Laura Wood, Senior Press Director
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