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(MoneyNewsWire.Net, November 20, 2018 ) The Australian card payments channel registered marginal growth during the review period (2018–2023). A positive economic outlook, the need for more sophisticated prepaid cards and an increase in online shopping all combined to support the growth of the card payments channel.
During the review period, the card payments channel increased in volume at a CAGR of 5.18%. In value terms, the card payments channel valued AUD601.0 billion (US$624.2 billion). As more consumers move away from cash, cards payments are expected to deliver strong growth over the forecast period.
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The already mature Australian card payments channel has growth potential
The card payments channel grew moderately during the review period, both in terms of volume and value. In terms of transaction volume it posted a CAGR of 5.18%. Debit and credit card transactions remained key growth drivers, followed by the emerging prepaid cards category.
Growth is expected to be driven by increasing demand for prepaid cards, improvements to the regulatory framework, online and mobile commerce, and a positive economic outlook.
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Popularity of Gift Cards:
The increased popularity of gift cards has emerged from demand in the corporate and consumer segments. Closed-loop gift cards form nearly 90% of the nation’s gift card sales. Prepaid gift cards are often given by businesses to customers as rewards on purchasing a product, while companies use gift cards as incentives for employees. Demand for gift cards has increased with the development of electronic forms. Electronic gift cards can be delivered to the receiver via a text message, by email, or through a smartphone application
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New technologies enhance consumer convenience and provide a secure banking environment
The emergence of mobile commerce in Australia has supported the development of contactless payments and near-field communication (NFC) platforms. The arrival of MasterCard PayPass, a smartphone contactless payment mechanism, is one of the main developments. To make use of the benefits of PayPass, a number of issuers are supplying PayPass-enabled cards.
The development of mobile wallets, specifically for mobile commerce, is expected to change the dynamics of the card payments channel. It will create a wave of new handset original equipment manufacturers (OEMs), and NFC chip makers, aiming to capitalize from this new revenue stream. This will increase competition between commercial banks, in many cases force them to adopt evolving payment technologies to gain a competitive advantage.
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