Payments in Australia 2017: What Consumers Want
NEW YORK, Nov. 30, 2017 /PRNewswire/ --
Payments in Australia 2017: What Consumers Want
Summary
Australian payments market is one of the most developed in the world, with high penetration of payment cards. Consumers in Australia are very comfortable using debit and credit cards at the point of sale (POS) - indeed, the two card types are used almost interchangeably. The rising popularity of contactless payments has also contributed to the growth of payment card transaction volumes at the POS.
Read the full report: https://www.reportlinker.com/p05206791
Consumers increasingly use faster and more secure payment options, resulting in mobile operators, traditional and online retailers, and other payment service providers introducing alternative payment solutions. Major Banks including ANZ and NAB are now offering their own payment solutions. The launch of global payment solutions such as Apple Pay, Android Pay, and Samsung Pay are anticipated to further accelerate the uptake of these solutions.
Reserve Bank of Australia's (RBA's) decision to cap interchange fees, allow merchants to levy surcharges to cover their acceptance costs, and introduce an 'honor all cards' rule to allow merchants to accept cards has led to a rise in payment card acceptance among merchants. The payment card transaction volume grew at review-period CAGR of 9.5%. This growth was supported by a consumer shift from cash to card-based transactions and the expansion of the retail and e-commerce markets.
Cash usage is gradually declining, with cards being used infrequently at ATMs, to the point that some businesses have stopped accepting cash altogether. But cash remains an important part of the market, and Australia is not yet a cashless society. Along with the rising prominence of payment cards, the uptake of new payment solutions is also rising in tandem, with the entry of international solutions such as Apple Pay, Android Pay, and Samsung Pay in the market. However, the peer-to-peer (P2P) sector is particularly underdeveloped relative to other payment solutions such as in-store and online.
Australian e-commerce market grew significantly, recording a compound annual growth rate (CAGR) of 14% between 2013 and 2017 to reach A$36.7bn (US$26.5bn), as consumers become increasingly comfortable shopping online. The country's young and urban populations are highly media-literate, providing a platform for e-commerce companies to reach more potential customers. The availability of secure online payment gateways will also foster growth in the e-commerce market.
The report "Payments in Australia 2017: What Consumers Want", examines the consumer payments market in Australia, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless.
Moreover, this report allows the following -
- Analyzes consumer attitudes to financial services by life stage.
- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
- Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in Australia are deploying these tools to meet customer needs.
- Explores the online payment market in Australia by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
Companies mentioned in this report: Commonwealth Bank, Westpac, ANZ, National Australia Bank, Bendigo and Adelaide Bank, citibank, Coles, Woolworths, JetStar, Qantas, EFTPOS, Visa, Mastercard, American Express, Diners Club.
Scope
- Contactless cards have been issued in Australia since 2006, but the push to mass acceptance only started in the second half of 2010, and has gained traction among banks, consumers, and merchants since.
- Prepaid cards fulfil a variety of use cases in the Australian market, with the most popular being paying for purchases abroad. The electronic travel money sector is therefore a major driver of the prepaid market, while domestic general-purpose prepaid cards appear to be relatively unpopular - only 11% of prepaid card holders acquired their cards to use for regular spending.
- Bank transfers are the most popular methods of P2P transfer in Australia, with other tools such as digital wallets, prepaid cards, and mobile phone transfers being minor players.
Reasons to buy
- Understand the key facts and figures in the consumer payments market in Australia.
- Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
- Find out what products the major competitors are launching in the market.
- Discover consumer sentiments towards various payment tools in the Australian market and use this knowledge to inform product design.
Read the full report: https://www.reportlinker.com/p05206791
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