Boston, MA -- (SBWIRE) -- 02/22/2013 -- The Australian cards and payments market registered marginal growth during the review period (2007-2011), with a recorded rate of 6.8% in 2011 over figures from 2010. A positive economic outlook, a need for more sophisticated prepaid and charge cards, the growth of online and mobile shopping, and the growing demand for prepaid products, all combined to support the overall growth of the market. During the review period, the cards and payments industry increased in volume at a CAGR of 7.6% to reach 99.3 million cards in 2011. In value terms, the Australian cards and payments market valued AUD517.1 billion (US$590.1 billion) in 2011. As consumers increasingly move from using cash to card as a method of payment, card payments are expected to deliver strong growth over the forecast period.

Key Highlights

- The Australian cards and payments market registered marginal growth during the review period (2007-2011), with a recorded rate of 6.8% in 2011 over figures from 2010.
- The development of mobile wallets specifically for mobile commerce is expected to change the dynamics of the cards and payments industry by creating new participants across mobile network carriers, handset OEMs, and NFC chip makers as they aim to capture payment card industry revenue.
- The competitive landscape in the Australian cards and payments market, especially for credit cards, has turned significantly during the review period following the issuance of companion cards where each account holder receives an American Express card as well as either a Visa or MasterCard.
- The Australian mobile commerce market is growing at a fast rate and is acting as an engine of overall e-commerce growth by converting potential brick and mortar sales to digital sales, as consumers use their smart phones while shopping in store.
- Reforms pertaining to interchange fees are expected to benefit consumers in terms of rewards.
- In June 2011, the Ministerial Council on Consumer Affairs and the Consumer Affairs Advisory Council (CCAAC) gave relief (under RG 185 and CO/05-738) for gift vouchers and cards from the financial services licensing, conduct, and disclosure obligations of the Corporations Act.

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Scope

- This report provides a comprehensive analysis of the Australian cards and payments market.
- It provides current values for the Australian cards and payments market for 2011 and forecast figures for 2016.
- It details the different macroeconomic, infrastructural, consumer and business drivers affecting the Australian cards and payments industry.
- It outlines the current regulatory framework in the industry.
- It details the marketing strategies used by various bankers and other institutions.
- It profiles the major banks in the Australian cards and payments market.

Companies Mentioned in this Report: ANZ Banking Group, Commonwealth Bank of Australia, Westpac Banking Corporation, National Australia Bank Group

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