|
(MoneyNewsWire.Net, February 17, 2016 ) In terms of number of cards in circulation, the Australian payment cards market grew at a CAGR of 4.1% during the period 2012-2014 and is expected to grow at a CAGR of 2.4% during the period 2015-2020. The total value of transactions reached AUD 651.7 billion in 2014, having witnessed a CAGR of 4.4% during 2012-2014. Purchases made through POS valued AUD 498.8 billion in 2014, accounting for 77% of the total value of transactions, and growing at a CAGR of 6.5%.
Explore Report with Detailed TOC at: https://www.psmarketresearch.com/market-analysis/australia-cards-and-payments-market
The total number of cards in circulation reached 66.3 million by the end of 2014, whereas the total population of the country reached 24 million, representing a high penetration of 2.8 cards per person in 2014. This high penetration in the country is due to the culture of holding multiple cards and card issuer aggressive marketing strategies deployed in the country. The growth of cards in circulation during the period 2012-2014 can be attributed to a rising banked population, growing disposable income, the expansion of ATMs and POS terminals, and greater acceptance of payment cards in the country.
Request for Sample Pages: https://www.psmarketresearch.com/market-analysis/australia-cards-and-payments-market/report-sample
In Australia, debit cards dominate the payment card market in terms of number of cards in circulation. In 2014, the debit cards accounted for 65% of the total number of cards in circulation in the country. Debit cards recorded a decline in average transaction value (ATV), which fell from AUD 84 in 2012 to AUD 77.3 in 2014. This is expected to decrease further in the coming years as credit cards gain further popularity. Debit cards are largely used by consumers at POS terminals rather than cash withdrawals at ATMs. In 2014, the number of debit cards transactions at POS terminals accounted for 84.5% of the total debit card transactions in Australia.
Australia has the fourth highest credit card penetration in Asia-Pacific. However in absolute terms, credit card penetration is low, with only 0.88 card per person. This shows that the credit card market has growth potential in the country, considering the highest penetration of 2.7 cards per person in Japan, followed by Hong Kong (2.5 credit card per inhabitant) in the same region. The value of credit card transactions reported at POS terminals was greater than that reported at ATMs. The frequency of credit card use increased at a CAGR of 5.3% during 2012-2014. The frequency of transaction for credit card is expected to reach up to 109.8 times by 2020.
About P&S Market Research
P&S Market Research is a market research company, which offers market research and consulting services for various geographies around the globe. We provide market research reports, industry forecasting reports, business intelligence, and research based consulting services across different industry/business verticals.
As one of the top growing market research agency, we’re keen upon providing market landscape and accurate forecasting. Our analysts and consultants are proficient with business intelligence and market analysis, through their interaction with leading companies of the concerned domain. We help our clients with B2B market research and assist them in identifying various windows of opportunity, and framing informed and customized business expansion strategies in different regions.
Contact:
Abhishek
Executive – Client Partner
347, 5th Ave. #1402
New York City, NY - 10016
Toll-free: +1-888-778-7886 (USA/Canada)
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
P&S Market Research
Abhishek
1-888-778-7886
enquiry@psmarketresearch.com
Source: EmailWire.Com 
|
