The Australian payments market is one of the most developed in the world, with high penetration of debit and credit cards as well as a highly developed contactless card market. However, it lags in adoption of both mobile proximity payments and peer-to-peer (P2P) payment tools.
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- Credit and debit cards are used interchangeably by Australians, with both card types being used on average over 100 times per year at the point of sale.
- E-commerce accounts for the vast majority of online purchases by value in Australia, although m-commerce is expected to record a compound annual growth rate of 21% between 2015 and 2020.
- Despite a strong contactless card market, most Australian consumers don’t have a mobile wallet, and interest in mobile payments is low. The industry can and should do more to support this technology.
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Verdict Financial’s Consumer Payments Country Snapshot: Australia 2016 examines the consumer payments market in Australia, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. This report also examines the regulations in force in the market that players must comply with, and how these have changed in recent years.
- 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 prepaid cards, 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.
- Considers the regulations affecting the payments market and how they are likely to affect both incumbents and disruptors.
Reasons To Buy
- Understand the key facts and figures in the consumer payments market in Australia.
- Learn which 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.
- Learn about the key regulatory requirements affecting Australian payments players and any recent or upcoming changes to those requirements.
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