Adoption of new technologies bolsters the Australian Cards and Payments market

“”We Think Through Different Layers, We Work Across Different Verticals.””
Australia Cards And Payments Market – By Cards, By Payment Terminals, By Payment Instruments – Transaction Value, Volumes, Historical Trends, Analysis And Forecasts (2018 -2023 )

Card payments growth to be fostered by several economic and business drivers

Several important economic, business and infrastructural drivers are expected to promote the Australian cards and payments industry. The growth of per capita GDP and lower inflationary pressures are bolstering payment channels. Prepaid cards, government purchase cards, e-commerce, and mobile commerce are also considered positive drivers. Infrastructural drivers include the government’s insistence on bank-developed software applications for mobile and e-banking purposes.

Browse For Full Report @

Regulations on the gift and prepaid cards:

The Reserve Bank of Australia (RBA) was one of the first financial institutions in Australia to issue regulations. As the nation’s central bank, its aim is to promote competitive efficiency and stability. To this end, it has taken a few important steps such as restricting the “honor all cards” rule to allow merchants to decline cards. It also capped the Visa debit interchange fee, lowered the interchange fee for domestic electronic funds transfers at the point of sale (EFTPOS), and implemented transparency and disclosure requirements for interchange and merchant service fees.

Ask for Request Sample @

The prepaid card category, however, is under-regulated but does have to adhere to the Corporations Act (2001). Except for the ePayments Code, which requires gift card issuers to be aware of the identity of the holder’s transaction history, the gift card channel is not subject to any regulation.

Competitive marketing and pricing strategies

Due to competitive pressures, banks and issuers are developing marketing and pricing strategies with the aim of attracting more customers. Offers such as cashback, discounts, rewards points and insurance cover are some of the strategies that banks are adopting.

Banks are segmenting their customer bases to maximize the potential of expanding their market shares. Westpac and Commonwealth Bank of Australia have launched credit cards that specifically target college students, while Commonwealth Bank and ANZ have established a range of corporate cards designed to meet the specific needs of businesses. Commonwealth Bank of Australia offers a procurement management card for the management of end-to-end procurement activity, while ANZ offers payroll cards

Buy Now @

About Us:

Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.

Media Contact
Company Name: Market Data Forecast
Contact Person: Abhishek Shukla
Email: Send Email
Phone: +1-888-702-9626
Address:2nd Floor, Lakeview Plaza, Kavuri Hills,
City: Hyderabad
State: Telangana
Country: India