Contactless Payment Observe Huge Demand in Australia Payment Market

Pune, India, 04 December 2017: WiseGuyReports announced addition of new report, titled “Payments in Australia 2017: What Consumers Want”.

A 'payment system' is new technology that allows consumers, businesses, and many organizations to transfer money to a financial institution and vice versa. This includes Payment Instructions - Cash, Card, Check and Electronic Funds Transfer which customers use to pay - and generally unseen arrangements ensure that the funds move from one financial institution to another.

The Technology advancement have introduce new payments platform is a major industry initiative to develop new infrastructure for Australian payments. This will provide a fast, all-round, data-rich payment system for the Australian customer, business and government to make their daily payments.

Australian Payments Market is one of the world's most advanced customers, with high penetration of payment cards. Australian customers are very comfortable with both Debit and Credit cards at the time of sale (POS) - Indeed, the two card types have almost changed with each other due to the increasing popularity of contactless payments due to increase in payment card transaction volumes in POS.
As a result of this, the usage of the cash is gradually decreasing, the card is sometimes not used at ATMs, and some businesses have completely stopped accepting cash. But cash is an important part of the market.

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The Australia is not yet a cashless society, with the growing preference of payment cards, new payroll solutions are increasing in the market using international options like Apple Pay, Android Pay and Samsung Pay. However, the peer-to-Peer (P2P) sector is particularly less profitable, especially with other payment options such as store and online.
Prepaid cards cover various types of issues used in Australian markets, most popular for purchases abroad. Electronic Overseas Money Sector is a major driver of prepaid market, while the domestic general purpose prepaid cards are not relatively popular - only 11% of prepaid cardholders have taken their cards to use for regular expenses.

The new services like digital wallets, prepaid cards, and mobile phone transfers they are still growing, nut major of population depend on Bank transfers which is most popular methods of P2P transfer in the Australia.
The Payments in Australia report provides a basic overview of the industry including its definition, applications and manufacturing technology. Then, the report explores the international and regional major industry players in detail. In this part, the report presents the company profile, product specifications, capacity, production value, and 2017-2022 market shares for each company.

The Payments in Australia market report comprises an elaborated executive summary, which includes market snapshot that provides information about various segments of the market. It also provides information and data analysis of the market with respect to market segments based on media type, end-user, and geography. The market overview section of the report analyzes market dynamics such as drivers, restraints and opportunities that influences the culture media market in the current and future scenario.
The study of report has a complete understanding of market value and quantity, technological progress, macro-economic changes and governmental policies based on past and present data, along with the current and upcoming trends in the market.
The major players cover in the Payments in Australia report are Commonwealth Bank, Westpac, ANZ, National Australia Bank, Bendigo and Adelaide Bank, citibank, Coles, Woolworths, JetStar, Qantas, EFTPOS, Visa and MasterCard.

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This release was published on openPR.