CardWeb.com’s CardData Reports today features the “Cards and Payments Industry in Australia” from Timetric.
‘The Cards and Payments Industry in Australia: Emerging Trends and Opportunities to 2019’ report provides detailed analysis of market trends in Australia’s cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including check payments, credit transfers, direct debits, payment cards and cash transactions during the review period (2010-2014).
The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, and transaction values and volumes during the review period and over the forecast period (2015-2019). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.
The report brings together research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy, recent changes in regulatory structure, card fraud statistics, and profiles of card issuers operating in the country.
Australia’s most widely used electronic payments system – Electronic Fund Transfer Point of Sale (Eftpos) – joined the contactless payments movement in September 2014. According to Visa, nearly 1 million contactless transactions are made daily, with contactless transactions representing 10% all payment card transactions as of August 2014. Furthermore, 820,000 Eftpos terminals – accounting for 94.9% of total POS terminals in the country – are expected to be upgraded by the end of 2015. This will drive payment card transaction values and volumes over the forecast period.
Australia, like many other developed nations, registered an increase in the use of payment cards during the review period (2010-2014). While this provided greater convenience for consumers, it was accompanied by higher levels of fraud. In a bid to make card payments safer, the Industry Security Initiative, an association of Australia’s main financial institutions and card schemes, replaced the signature with PIN-based payments at POS terminals on August 1, 2014, which is anticipated to curtail card fraud over the forecast period.
Competition in the Australian payment cards market has encouraged operators to introduce innovative payment solutions. MasterCard launched its digital wallet MasterPass in February 2013, following which Visa launched its digital wallet service, V.me, in December 2013. However, it was replaced by Visa Checkout in July 2014, which has additional features and enhances consumer convenience for online transactions.
For more information visit http://www.researchandmarkets.com/research/mm3jcp/the_cards_and