Payment Cards in Australia

Introduction

Payment Cards in Australia is an invaluable guide to one of the most interesting payment card markets in Asia Pacific. The report provides statistics on market size, competitor market shares and forecasts. It also provides an overview of regulation, competitor activities, issuer strategy and product innovation including developments in contactless, mobile payments, online and prepaid cards.

Features and benefits

* Detailed market data, market shares and forecasts are an invaluable guide for any payments player building a business case for activity in Australia.
* Analysis of the opportunities across different consumer segments allows for specific targeting of the most profitable customer groups
* In depth insight into contactless, mobile, prepaid and online payments highlight future revenue generation opportunities for all industry stakeholders

Highlights

The outlook for payment cards in Australia remains positive. Datamonitor expects the number of credit cards in circulation in Australia to record a CAGR of 2.7% over the period 2010–15, a modest growth compared to the past five years, becoming a 22 million credit card market by 2015.
While the key focus will remain in formulating the strategies to attract new customers, card issuers need to be aware of some threats from third party online payment providers such as PayPal, considering that the online sector is responsible for the largest amount of growth in the payments market.
After launching trials of contactless cards and terminals in order to test the market in 2010; 2011 is expected to be the year where the increasing presence of contactless cards and terminals – as well as increased promotion of such initiatives – will drive consumer confidence in adopting this new payment method.

Your key questions answered

* Which card segments are showing the fastest growth in Australian market and why?
* Who are the key players in Australia and their market share?
* How do consumers react to different card offers and what features may attract new customers?
* Should financial institutions in Australia include a contactless strategy in their short to medium term strategy?
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Executive Summary
Sizing and forecasting the payment card market in Australia
There will be 22 million credit cards in circulation in Australia by 2015
Consumers aged 30–49 are the most attractive target market for credit card issuers
Payment fraud increased steadily, but the new EMV initiative is expected to keep the level low
Competitor and product developments in Australia
New entrants set to compete against the major players
All of the major banks expanded their portfolios, but have also been losing market share over the last 12 months
Dual cards: an opportunity for card issuers to reach more customers
Online, contactless, prepaid, and mobile payments
Credit cards are increasingly under threat from PayPal for the number one spot in the online payments field
Contactless payments set to take off in 2011
Australian card issuers are experimenting with different business models for prepaid cards
OVERVIEW
Catalyst
Summary
SIZING AND FORECASTING THE PAYMENT CARD MARKET IN AUSTRALIA
Overview
Key macroeconomic and consumer data
Macroeconomic trends and performance
Demographic and consumer trends
Sizing the payment card market in Australia
Size and performance of the payment card market
Number of payment card transactions
Value of payment card transactions
Trends in payment card use compared to other countries
Credit card balances outstanding, revolve rates, and repayment behavior
Market structure and key issues
Payment reforms have changed the landscape of the Australian payment card market
New regulations on the order of payments will reduce the credit card issuer income
Payment fraud increased steadily, but the new EMV initiative is expected to keep the level low
Forecasting the payment card market in Australia
Forecasting the pay now card market
Forecasting the revolving credit card market
Forecasting the charge card market
Australia credit card consumer segments
Datamonitor has defined four Australian credit card profiles
Consumers aged 30–49 signify an attractive target market for credit card issuers
Citibank holds the most attractive credit card customer base
Younger generations and frequent card users are more likely to switch cards than others
COMPETITOR AND PRODUCT DEVELOPMENTS IN AUSTRALIA
Overview
Credit card issuer developments
Virgin Money has returned to the Australian credit card market
Jetstar is entering the credit card market
Woolworths is strengthening its position in the credit card market
Card issuer market shares and performance
Credit card market shares
Pay now card market shares
Charge card market shares
Product design and issuer strategy in Australia
New product launches focus on the premium card market
American Express's dual card development is dominating the offerings of the major banks
American Express's "3-2-1" reward points targets attract the mass consumer market
Card scheme market shares and developments
Pay now card scheme shares
Revolving credit card scheme shares
Charge card scheme shares
ONLINE, CONTACTLESS, PREPAID, AND MOBILE PAYMENTS
Overview
Online payment is the key growth channel to address in the Australian payment industry
Credit cards are increasingly under threat from PayPal for the number one spot in the online payments field
Contactless payments are set to take off in 2011
Australian card issuers are experimenting with different business models for prepaid cards
Financial services providers are developing mobile banking solutions ahead of NFC payments
APPENDIX
Supplementary data
Definitions
[Missing title]
Methodology
Cards and payments database
Financial Services Consumer Insight is new to Datamonitor's offering, providing new and valuable insight
Forecasting methodology
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
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