Dublin, Oct. 29, 2020 (GLOBE NEWSWIRE) -- The "Australia Cards and Payments - Opportunities and Risks to 2024" report has been added to ResearchAndMarkets.com's offering.
This report provides detailed analysis of market trends in the Australian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, cheques, and direct debits during the review-period (2016-20e).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2020e-24f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
This report provides top-level market analysis, information and insights into the Australian cards and payments industry, including -
Current and forecast values for each market in the Australian cards and payments industry, including debit, credit, and charge cards.
Detailed insights into payment instruments including cash, cards, credit transfers, cheques, and direct debits. It also, includes an overview of the country's key alternative payment instruments.
E-commerce market analysis.
Analysis of various market drivers and regulations governing the Australian cards and payments industry.
Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
To offer enhanced convenience and encourage electronic payments for low-value transactions, in February 2018 the Reserve Bank of Australia (RBA) and its Payments System Board rolled out a new payments infrastructure known as NPP. The service allows users to make payments and transfer funds in real-time 24 hours a day, seven days a week, 365 days a year. Developed by SWIFT in collaboration with 13 members of Australia's financial services industry, the platform allows users to enter the recipient's mobile phone number or email address to transfer money. The service is now offered by over 90 financial institutions, with over 5 million accounts created since launch. In June 2019, NPP QR code standards were released, which enable payment providers to develop and offer QR code-based instant payment solutions.
Australian consumers have embraced contactless technology. Contactless is now increasingly being adopted for public transport systems. In March 2018, contactless payments were introduced for ferry and light rail services in Sydney. The service was later extended to Sydney trains in November 2018, and was made available on all buses across Sydney by September 2019. Commuters can make payments by tapping contactless debit and credit cards, supported mobile wallets, and wearables against contactless readers. By September 2019, around 9 million contactless payments had been made using 1.4 million unique contactless debit and credit cards since launch.
Buy now pay later is gaining popularity in Australia. This is mostly due to a shift in consumer preference away from credit cards, particularly among Generation Z, who are more wary of their spending. Third-party providers remain the key players in the market, offering various options. Almost 5.8 million Australians have a buy now pay later account with brands including Afterpay, Zip, Laybuy, Openpay, and Payright. In January 2020, Sweden-based buy now pay later service provider Klarna launched in Australia in partnership with CBA.
Key Topics Covered:
Buy Now Pay Later
Mobile Proximity Payments
Payments Infrastructure & Regulation
Bendigo and Adelaide Bank
Credit unions and building societies
Bank of Queensland
For more information about this report visit https://www.researchandmarkets.com/r/7anpni
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