Australia and Payments Cards Market Growth Forecast to 2022

Overview
Eye-catching growth has been recorded in the prepaid cards segment of the Australian Cards and Payments Market, as per Market Data Forecast latest report. This growth has led to improvements in the functionality of the service and has consequently resulted in a robust rise in the cards issued by volume. In the current global market, the cards issued by Australian banks are accepted all around the world, and also have their availability in multiple currencies.
Further, the mobile commerce segment of the market is showing rapid growth and is catalyzing the overall growth of the market by providing for the conversion of conventional sales of brick and mortar origin into digital sales as increasing number of consumer are using their smartphones for shopping in stores.
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Australian Cards and Payments Market - Underlying Factors
The rapid growth of the market has led to increased competition which has subsequently led the issuers and banks in the country to provide better and customer attracting products for retaining their current positions in the market and their respective market cap. Further, the advent of completely secure gateways of payments has led to a drastic increase in the confidence of the public in the systems of payment cards, which has significantly aided the growth of the market segments relating to the online sectors of travel and retail. The notification issued by the Reserve Bank of Australia charging higher interchange fees has had a significant impact on the credit card segment of the market, as it has led to increased revenues and for issuers, which can be used by them for the funding of more innovative programs of rewards without even increasing any yearly fees.
Australian Cards and Payments Market - Geographical Segmentation
The Market in Australia is analysed geographically under the region of Asia Pacific, which includes the countries of Asia, China, Australia, among others. Australia accounts for one of the largest shares of the Cards and Payments market in this region. The rapid development of mobile commerce in the country and the government regulations for correcting the cards and payments scenario in the country are expected to keep contribute positively to the growth of the market in the future.
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Some of the dominating players in Australia Cards and Payments Market:
• Commonwealth Bank
• Westpac
• ANZ
• National Australia Bank
• Bendigo and Adelaide Bank
• Citibank
• Coles
• Woolworths
• JetStar
• Qantas
• EFTPOS
• Visa
• Mastercard
• American Express
• Diners Club
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Related Reports from Market Data Forecast:
France Cards And Payments Market: https://www.marketdataforecast.com/market-reports/France-Cards-and-Payments-Market-6851/
UK Cards And Payments Market: https://www.marketdataforecast.com/market-reports/UK-Cards-and-Payments-Market-6847/
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Market Data Forecast is a market research firm offering syndicated research, consults and industry newsletters across various domains & verticals. With a well-established in-house team of experts from diverse fields and outsource research network across 100+ countries, we are the sole research providers for the majority of Fortune 500 companies. Along with the standards of reports being on par excellence, our unique services like free customization, analyst support for the period of six months post to the purchase will be the flag bearers and differentiates us from the rest. Our experience and in-depth understanding of various business environments will be a support to you and your organization in making well-informed decisions.

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