Australia Cards and Payments Market - Size, Share, Development, Growth and Forecast to 2020

Feb 09, 2016, 10:03 ET from ReportBuyer

LONDON, Feb. 9, 2016 /PRNewswire/ -- 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% over the period 2015-2020. 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. Food and drinks were the most frequently purchased items in Australia, using both debit and credit cards. The food and drinks category was followed by clothing and footwear in second position, which accounted for 14.6% of total transactions in the debit card category and 14.1% in the credit card category.

In Australia, the debit cards dominate the payment cards market in terms of number of cards in circulation. Debit cards accounted for 65% of the total number of cards in circulation in 2014. Debit cards are being used by consumers to shop at retail outlets, withdraw cash from ATMs and make online payments. 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 frequency of use increased from 103.3 in 2012 to 110.6 in 2014, at a CAGR of 3.5% and is anticipated to grow at a CAGR of 2.3% during the forecast period of 2015-2020. Eftpos is the largest debit card scheme in Australia. In debit card segment, CBA was the leading card issuer in terms of the number of cards in circulation, in 2014.

The credit cards in the country are primarily used by consumers at POS terminals for retail purchases, rather than for cash withdrawals at ATMs. In 2014, transactions at POS terminals accounted for 99% of total credit card transactions in Australia. The credit card in circulation is expected to grow over the forecast period at a CAGR of 1.6%,. MasterCard was the leading scheme in the credit card market in 2014. 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.

The value of charge card transactions at POS terminals represented 99.4% of total charge cards transaction value in 2014.

Some of the key players in the Australian payment card market:

Commonwealth Bank of Australia
Australia and New Zealand Bank
Westpac Bank
ANZ
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