The Australia Cards and Payment Industry has grown steadily in the last five years owing to Covid-19 health implementations: Ken Research

 Buy Now

The Cards and Payment Market in Australia saw a steady growth in the period of 2017-2021, especially with the onset of Covid-19 pandemic in 2020.

Australia Cards and Payment Market Overview: The Australia Cards and Payment Market is currently at the growth stage owing to the increased contactless payments, increasing debit card usage, the emergence of digital wallets as well as the Covid-19 pandemic. The market is highly fragmented with many players in the market. The industry saw a steady growth in the last few years, especially with the pandemic as contactless payments increased and cash payments decreased significantly.

Impact of Covid-19 on Australia Cards and Payment Market: Prior to the pandemic, the consumer and merchant focus for payments was their security, convenience and speed. With the onset of the pandemic, health and safety also became an important consideration. The COVID-19 virus is reported to be able to survive on hard surfaces for a significant period after contact; meaning a potentially elevated risk to using cash, PIN pads and touchscreens at point of sale. As lockdowns and social distancing measures were implemented with the aim of limiting the spread of the virus in Australia, there was an expected decline in in-person payments, a decrease in bricks-and-mortar purchases of non-essential items, as well as an uptick in online and mobile purchases within certain categories.  An increased number of curbside pick-up and tap-to-pay options were introduced, and the use of cards for payment increased, leading to the growth of the Cards and Payment Industry in Australia.

Challenges faced by the Australia Cards and Payment Industry: The industry players extend far beyond the traditional ecosystem of banks, payments networks, standards bodies and merchants. Today, fintechs, technology firms, startups and regulators play increasingly important roles in the payments ecosystem. Traditionally, banks make up nearly one-third of payments revenue and enjoy a healthy growth rate. Each revenue stream is under pressure from outside forces. This disruption is region-specific based on regulations and historical context. The competition within the credit card industry has been heating up too, with Apple’s venture into cards one significant example. Incumbent financial institutions are upping the ante with better rewards, more attractive physical cards and a better digital experience for consumers. All big issuers launched or refreshed their credit card products. There is also intense activity in the cobranded cards space, have updated their offerings. As a result, acquiring new business is getting costly or even uneconomical if not structured correctly.

Analysts at Ken Research in their latest publication “Australia Cards and Payment Market Outlook to 2027F -  By Cards (Debit Cards, Credit Cards, Prepaid Cards), By Payment Terminals (POS and ATM's), By Payment Instruments (Credit Transfers, Direct Debit, Cheques, Cash and Payment Cards)” observed that Australia Cards and Payment Market is expected to showcase considerable growth in the coming five years. In the upcoming years, market is predicted to expand more rapidly due to rising of contactless payments, increasing debit card usage and the emergence of digital wallets. The Cards and Payment Market in Australia is expected to grow at ~% CAGR over the forecasted period 2022-2027F.

Key Segments Covered in the report

By Cards

Debit Cards

Credit Cards

Prepaid Cards

By Payment Terminals

POS

ATM's

By Payment Instruments

Credit Transfers

Direct Debit

Cheques

Cash

Payment Cards

Request For Free Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTk2Mzg0

Key Target Audience

Government Bodies and Regulatory Authority

Fintech Companies

Investors and Financiers

Venture Capitalist

New Market Entrants

Banks

NBFCs

Time Period Captured in the Report:-

Historical Period: 2017-2022

Base Period: 2022

Forecast Period: 2022-2027F

Companies Covered:-

CommBank

Westpac

ANZ

NAB

Bendigo and Adelaide Bank

Credit unions and building societies

Suncorp

Heritage Bank

Bank of Queensland

Citibank

HSBC

eftpos

Visa

Mastercard

American Express

Diners Club

Worldline

Tyro

Fiserv

PayPal

Apple Pay

Afterpay

Google Pay

Klarna

Samsung Pay

POLi

Click to Pay

Beem

Request for custom report @ https://www.kenresearch.com/ask-customization.php?Frmdetails=NTk2Mzg0

Key Topics Covered in the Report

Australia Cards and Payment Market Overview

Australia Cards and Payment Market Segmentation

Ecosystem of Australia Cards and Payment Market

Market Share of Major Players in Australia Cards and Payment Market

Industry Analysis of Australia Cards and Payment Market

Value Chain of Cards and Payment Market in Australia

Key Growth Drivers of Australia Cards and Payment Market

End User Analysis of Australia Cards and Payment Market

Key Challenges of Australia Cards and Payment Market

SWOT Analysis of Australia Cards and Payment Industry

Future Outlook of Australia Cards and Payment Market

Trends and Development of Australia Cards and Payment Market

For more insights on the market intelligence, refer to below link:-

Australia Cards and Payment Market

Related Reports By Ken Research:-

Brazil Cards and Payment Market Outlook to 2027F

Turkey Cards and Payments Market Outlook to 2023

Saudi Arabia Cards and Payments Market Outlook to 2023