openPR Logo
Press release

Australia Debit Cards Market Size and Share to 2022

06-19-2018 02:44 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Marketdataforecast

The in-and-out of the Cards and Payments Market in Australia

The Australia cards and payments market has displayed marginal incremental growth during the forecast period. The requirement for more advanced prepaid cards, an optimistic outlook for the economy, and the rapid increase in shopping, particularly online shopping are the major drivers of market growth in this region.

During the forecast period, the card and payments market in Australia is expected to grow at a CAGR of more than 5 percent to reach a market value of more than USD 700 billion. The increasing shift of consumers away from cash is also expected to provide a boost to the growth of the market during the forecast period.

Browse our latest research report on Australia Cards and Payments Market @

Potential for growth in the already developed market of cards and payments of Australia

The Australia Cards and Payments Market grew at an average pace during the forecast period both in value terms and volume terms. The number of transactions through the channel of cards has already crossed 1 billion. The transactions of credit and debit cards continue to remain the most significant drivers of market growth. The category of prepaid cards closely follows the debit and credit card category.

The volume of transactions of the total number of cards is projected to grow at a CAGR of more than 4 percent during the forecast period, with the transactions in terms of volume growing at a CAGR of more than 5 percent. The rising demand for having prepaid cards among consumers, the advancements in the framework of regulations, the robust growth experienced in the markets of mobile commerce as well as online commerce, and the positive economic future of the country, are among the other key drivers of Australia cards and payments market growth.

Convenience of consumers being enhanced by the provision of secured environment in banking and the emergence of innovative technologies

The rise of the online commerce, particularly mobile commerce in the region has augmented the growth of platforms using NFC technology as well as contactless payments. The launch of MasterCard PayPAss, which is a mechanism of payment via smartphone using the contactless technology is a major development to be taken note of. To capitalize on the benefits offered by PayPass, many issuers are now providing PayPass enabled cards. Further, the collaboration of Vodafone with Visa had led to the introduction of mobile based wallet service which enables shoppers for making payments relating to services and products using their smartphones.

Further, the increasing launches of mobile wallet developed particularly for the mobile marketplace is projected to drastically alter the mechanism of payments in Australia. It is expected to bring about a revolution in the markets of chip makers of NFC as well the original handset manufacturers (OEMs), which are trying to monetize exponentially on these innovative ventures. This will consequently result in a robust increase in the competitiveness of commercial banks and might also brute-force to adapt to the rapidly evolving payment technologies for gaining advantage in the competitive landscape.

Avail Sample Brochure of the report to understand report usefulness, Get a Copy @

Regulatory norms pertaining to prepaid and gift cards are yet to be solidified

The central bank of Australia, The Reserve Bank of Australia, is aiming for the promotion of competitive effectiveness and providing stability by taking a plethora of significant steps, which include the restriction of the honor all cards rule for allowing the declining of cards by merchants and sellers. The bank has also capped the interchange fees relating to the Visa debit cards, decreased the interchange fees for funds transfers of electronic domestic origin at POS, and has also brought about measures to increase transparency and requirements for disclosure pertaining to fees of merchant services and interchanges.

However, the prepaid category remains unregulated, but still has to adhere to certain legislations such as the Corporations Act of 2001. ePayments code is an exception wherein there is a requirement for the issuers of gift cards to have information about the identity as well as the transaction history of the card holder.

Business and economic drivers are projected to drive the growth of the cards and payments market

There have been significant changes in the business, infrastructural, and economic drivers in the industry of the Australia cards and payments market. The GDP growth per capita and the lesser pressures of inflation are contributing robustly to the market. Government purchase cards, mobile commerce, prepaid cards, and e-commerce are also expected to be substantial drivers. The infrastructural contributors to Australia cards and payments market growth include the insistence of the government on the use of software applications which have been developed by banks for purposes of e-banking and mobiles.

Inquire before buying @

Market competitiveness and strategies of pricing

In a rapidly developing market such as this, there are substantial pressures of competition. To cope up with the same issuers and banks are in the means of the development of pricing and marketing strategies which have the goal of bringing more customers. Insurance covers, discounts, reward points, and cashbacks, are the some of the major strategies that are being used by banks.

Further, banks are also competing by strategizing via the segmentation of their target customers and existing customers for the maximization of the potential of the expansion of their shares in the market. The Commonwealth Bank of Australia and Westpac have released credit cards which particularly target students of colleges, with ANZ and the Commonwealth Bank establishing a wide array of cards for corporate purposes which have been specifically designed for corporate users. The Commonwealth Bank of Australia is also offering a management card for procuring of the end to end activity, and the offerings from ANZ include payroll cards.

Purchase this report @

About Market Data Forecast:

Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients. A few key business areas that we handle with excellence include business process improvement, corporate financing and decision making based on market research, assisting in developing appropriate strategy and providing consultancy based on extensive research.

Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients. A few key business areas that we handle with excellence include business process improvement, corporate financing and decision making based on market research, assisting in developing appropriate strategy and providing consultancy based on extensive research.

Market Data Forecast, Inc.
2nd Floor, Lakeview Plaza, Kavuri Hills, Hyderabad, Telangana 500033, India.
+1-888-702-9626 (U.S. TOLL FREE)

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Australia Debit Cards Market Size and Share to 2022 here

News-ID: 1088095 • Views: 131

More Releases from Marketdataforecast

Asia Pacific Generic Drugs Market is currently valued at USD 75.62 billion
Overview Generic drug is a pharmaceutical drug has the equal chemical substance as originally advanced and patented innovating drug. Usual tablets are allowed for income after patent(s) on authentic drug expired. Due to the fact the lively chemical substance is the same, the scientific profile of generics is thinking about being equal in usual overall performance.  The established drug has the identical active pharmaceutical element (API) as the specific, however, may
Food Grade Alcohol Market Size was around USD 11.27 billion in 2018
Overview Alcohol, also referred to as ethanol, is a versatile product with applications starting from food and pharmaceutical to industrial solvents. Alcohol is used in the manufacturing of vinegar, flavors & extracts, sweet glazes, meals dyes, yeast, animal-feed dietary supplements, and various meals spray. The Food grade Alcohol market, based totally on kind, has been segmented into ethanol and Polyols. Ethanol contributes to a bigger market percentage as it is essentially
Breast Imaging Market Type | Industry Report 2018-2023
Overview: In the year 2018, Global Breast Imaging Market was valued at USD 3.25 Billion. By the year 2023, it is expected to reach USD 4.89 Billion at pace of 8.5% CAGR. Breast imaging is a diagnostic procedure for assessing the presence of breast tumor or breast related diseases in women. Breast cancer is the most common cancer in women. Breast imaging techniques play a vital role in the early diagnosis of
Europe IV Equipment Market is predicted to reach a market value of USD 3.98 Bill …
Overview: In the year 2018, Europe IV Equipment Market was valued at USD 3.05 Billion. By the year 2023, it is expected to reach USD 3.98 Billion at pace of 5.5% CAGR. Intravenous (IV) is termed as inside vein. IV Equipment is the mixture of fluid substances constituents directly into a vein which is also known as drips. It is considered as the quickest approach to deliver liquids and solutions all through

All 5 Releases

More Releases for Australia

Australia – A Dataforce insight
Australia, the land of the Ute (Pickup), Cyber Cars (Dealer volume demos), Novated leasing and annual registrations of around 1.1 million new cars has now become one of the latest markets to enter our portfolio. We are putting together a series of articles to hopefully give some fresh Dataforce insights into the Australian market place, with a firm eye on the True Fleet channel. With a constantly expanding population and
StoreWALL Launches into Australia
Expand and organise your space with wall-mounted storage solutions from StoreWALL. StoreWALL is a premium wall-mounted storage system for home and business. The range covers wall panels, hooks, baskets, bins, brackets and shelves. Everything you need to efficiently organise and store items in the home or commercial space. With superior materials and construction, our products are built to last. Plus, you won’t find a system that’s easier to install. StoreWALL systems
Baby Food in Australia
Latest Report on Baby Food in Australia The impact of milk formula shortages continued to be keenly felt in Australia in 2016. The press consistently covered the complaints of parents nationwide, with many facing empty shelves and buying restrictions in chemists and supermarkets. Australia’s two leading supermarkets, Coles and Woolworths, maintained limits on purchases of milk formula, capping purchases at two and four units per customer respectively. International demand for local
Coffee in Australia has announced the addition of the “Coffee in Australia” The report focuses on global major leading industry players with information such as company profiles, product picture and specification. Influenced by the strong café culture in Australia, consumers are increasingly interested in the origins and tastes of their coffee products. Consumers ask more questions about where their coffee is from and this is reflected in the strategic plans of large companies.
Agrochemicals Market in Australia
ReportsWorldwide has announced the addition of a new report title Australia: Agrochemicals: Market Intelligence (2016-2021) to its growing collection of premium market research reports. The report “Australia: Agrochemicals: Market Intelligence (2016-2021)” provides market intelligence on the different market segments, based on type, active ingredient, formulation, crop, and pest. Market size and forecast (2016-2021) has been provided in terms of both, value (000 USD) and volume (000 KG) in the report. A
Cheese in Australia
Australian consumption of cheese remains buoyant with increasing demand for better quality cheese and a move away from processed cheese. In particular, cheese retail value grew 2% in current terms in 2016, up from 1% in 2015. Positive research, in recent years, on the benefits of dairy fats also contributed to increasing demand for full fat cheese. Demand for cheese was also partly fuelled by Australian consumers enjoying cheese, especially