Australia Cards and Payment Market is expected to grow at a robust CAGR, owing to the rising of contactless payments as well as the emergence of digital wallets: Ken Research

Australia Cards and Payment Market is in the growing stage, owing to the rising of contactless payments, increasing debit card usage and the emergence of digital wallets. The Cards and Payment Industry in Australia is highly fragmented with key players such as CommBank, Westpac, ANZ, NAB and Bendigo and Adelaide Bank etc.

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Key Market Findings:

Australia Cards and Payment Market was valued at USD ~ in 2022 and is projected to grow to USD ~ by 2027F, registering a CAGR of ~% during the forecast period (2022-2027F).
Cards and payments companies are investing in technologies and formulating guidelines to prevent card and payment fraud.

Adoption of Contactless Payments: With consumers becoming more accustomed to contactless payments and the advantages they offer, and merchants who were reluctant or unable to accept contactless payments are now being able to do so, the pandemic-driven shift towards contactless is likely to represent a sea of change; payment habits formed during the pandemic are likely to continue, as an increased number of consumers have now discovered the benefits of contactless payments. As a result of this shift, there will be increased demand for contactless payments across all mechanisms going forward. The adoption of contactless payments for public transport will also help drive payment card use.

Increasing Popularity of Debit Cards: When paying with a card, Australians are increasingly choosing debit cards rather than credit cards. Over the past decade, the value of debit card payments has grown much more as compared to credit cards. Moreover, the number of domestic credit card accounts has fallen since 2018. The 2019 CPS showed that debit cards are now the most frequently used method of payment by Australian consumers, compared with credit cards. The increase in the popularity of debit cards compared with credit cards is likely to reflect a range of factors, including reductions in the generosity of credit card rewards programs and changing attitudes towards accumulating this type of personal debt, particularly among younger consumers. Another factor has been the introduction in the mid-2000s of international scheme debit cards, which provide much of the same payment functionality as credit cards. This is contributing to the overall market growth.

Analysts at Ken Research in their latest publication "Australia Cards and Payment Market Outlook to 2027F -  By Cards (Debit Cards, Credit Cards, Prepaid Cards), By Payment Terminals (POS and ATM's), By Payment Instruments (Credit Transfers, Direct Debit, Cheques, Cash and Payment Cards)" observed that Australia Cards and Payment Market is expected to showcase considerable growth in the coming five years. In the upcoming years, it is predicted to expand more rapidly due to rising of contactless payments, increasing debit card usage and the emergence of digital wallets. The Cards and Payment Market in Australia is expected to grow at ~% CAGR over the forecasted period 2022-2027F.

Key Segments Covered in the report

By Cards

Debit Cards
Credit Cards
Prepaid Cards

By Payment Terminals

POS
ATM's

By Payment Instruments

Credit Transfers
Direct Debit
Cheques
Cash
Payment Cards

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Key Target Audience

Government Bodies and Regulatory Authority
Fintech Companies
Investors and Financiers
Venture Capitalist
New Market Entrants
Banks
NBFCs

Time Period Captured in the Report:

Historical Period: 2017-2022
Base Period: 2022
Forecast Period: 2022-2027F

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Companies Covered:

CommBank
Westpac
ANZ
NAB
Bendigo and Adelaide Bank
Credit unions and building societies
Suncorp
Heritage Bank
Bank of Queensland
Citibank
HSBC
eftpos
Visa
Mastercard
American Express
Diners Club
Worldline
Tyro
Fiserv
PayPal
Apple Pay
Afterpay
Google Pay
Klarna
Samsung Pay
POLi
Click to Pay
Beem

Key Topics Covered in the Report

Australia Cards and Payment Market Overview
Australia Cards and Payment Market Segmentation
Ecosystem of Australia Cards and Payment Market
Market Share of Major Players in Australia Cards and Payment Market
Industry Analysis of Australia Cards and Payment Market
Value Chain of Cards and Payment Market in Australia
Key Growth Drivers of Australia Cards and Payment Market
End User Analysis of Australia Cards and Payment Market
Key Challenges of Australia Cards and Payment Market
SWOT Analysis of Australia Cards and Payment Industry
Future Outlook of Australia Cards and Payment Market
Trends and Development of Australia Cards and Payment Market

For more information on the research reports, refer to below link:

Australia Cards and Payment Market Outlook to 2027F :
https://www.kenresearch.com/industry-reports/australia-cards-payment-market

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Saudi Arabia Cards and Payments Market Outlook to 2023 :
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Ken Research

Ankur Gupta, Head Marketing & Communication

Ankur@kenresearch.com

+91-9015378249

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

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