Emerging Opportunities in Australia s Cards and Payments Industry

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1 Emerging Opportunities in Australia s Cards and Payments Industry Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape Product Code: VR0865MR Published Date: October

2 TABLE OF CONTENTS TABLE OF CONTENTS 1 Executive Summary Market Attractiveness and Future Prospects of The Australian Cards and Payments Industry Analysis of Australian Cards and Payments Market Drivers Macroeconomic Fundamentals Per-capita income Inflation Central bank interest rate Infrastructure Drivers Advanced encryption standard Digital wallet Near field communication (NFC) Banking applications designed by banks Anti-skimming applications EMV-smart cards Business Drivers Prepaid cards gift cards, loyalty and incentive cards Government purchasing cards E-commerce Mobile commerce Growth of retail spending Consumer Drivers Overseas on-line purchase Luxury spending Outbound tourism Shift from credit fuelled spending Card Fraud Statistics By channel By scheme Regulatory Framework Variation to the surcharging standards EFTPOS System: consultation on the future regulatory framework Interchange fee benchmarks Access regimes for various schemes Ongoing customer due diligence (OCDD) KYC Policy Regulations governing the prepaid card market in Australia Regulations related to gift cards Epayments code and the regulations Emerging Consumer Attitude s and Trends Market Segmentation and Targeting Retail segment Corporate segment Emerging Opportunities in the Australian Cards and Payments Industry Page 2

3 TABLE OF CONTENTS 4.2 Consumer Preference Price Convenience Services Online Buying Behaviour Preferred Payment Methods Competitive Landscape and Industry Dynamics Market Share Analysis by Payment Channels Overview of payment channels Cash Credit transfer Direct debit Checks Cards payments Debit Cards Market Share By Bank By Scheme Credit Cards Market Share By Bank By Scheme Charge Cards Market Share By Card Type Strategies Adopted by Key Players Market Entry Strategies Marketing / Product Strategy Debit cards Credit cards Prepaid cards Charge cards Pricing Strategies Market Size and Growth Potential of Australian Payment Card Industry Market Share Analysis by Type of Card Total Market Size and Forecast of Card Industry Analysis by number of cards Analysis by transaction value Analysis by transaction volume Debit Card Market Size and Forecast Analysis by number of cards Analysis by transaction value Analysis by transaction volume Other key performance indicators Prepaid Card Market Size and Forecast Analysis by number of cards Emerging Opportunities in the Australian Cards and Payments Industry Page 3

4 TABLE OF CONTENTS Analysis by segments open loop cards and closed loop cards Analysis by transaction value Credit Card Market Size and Forecast Analysis by number of cards Analysis by transaction value Analysis by transaction volume Other key performance indicators Charge Card Market Size and Forecast Analysis by number of cards Analysis by transaction value Analysis by transaction volume Company Profiles, Product, and Marketing Strategies ANZ Banking Group Strategies Debit cards offered Credit cards offered Prepaid cards offered Commonwealth Bank of Australia Strategies Debit cards offered Credit cards offered Prepaid cards offered Westpac Banking Corporation Strategies Debit cards offered Credit cards offered Prepaid cards offered National Australia Bank Group Strategies Debit cards offered Credit cards offered Prepaid cards offered Appendix Methodology Definitions Contact Us About Timetric Our Approach Services Disclaimer Emerging Opportunities in the Australian Cards and Payments Industry Page 4

5 TABLE OF CONTENTS LIST OF FIGURES Figure 1: Current and Future Prospects of Various Cards in Australia Figure 2: Grow th Potential of The Australian Cards And Payments Market by Area of Usage Figure 3: Australian Cards and Payments Market Drivers Figure 4: Per-Capita Income in Australia, , AUD Figure 5: Inflation rates in Australia, (%), Figure 6: Australian Reserve Bank Interest Rate (%), Feb Jun Figure 7: Retail Sales Growth in Australia, Average Retail Sales (AUD Million) Figure 8: Outbound Tourism in Australia, (Million) Figure 9: Card Fraud Statistics by Country (US$ Million), Figure 10: Australia Card Fraud Statistics by Channel (AUD Million), Figure 11: Australia Fraud Statistics at ATM (AUD Million), Figure 12: Australia Fraud Statistics by Channel (AUD Million), Figure 13: Australian Cards and Payments Market Segmentation Figure 14: Australia Population Age Distribution (%), Figure 15: Students Cards Offered in Australia Figure 16: Australia Forex / Travel Prepaid Cards Figure 17: Australia Forex / Travel Credit Cards Figure 18: Australia Number of High Net Worth Individuals (Thousand), Figure 19: Corporate Cards Offered in Australia Figure 20: Consumer Preferences on Various Types of Cards Figure 21: Australia Online Trade Market by Type of Market (%), Figure 22: Australia Online Trade Preferred Payment Method (%), Figure 23: Australia Payment Channels (%), 2007 and Figure 24: Australia Value and Growth of Cash-Based Transactions (AUD Billion), Figure 25: Australia Value and Growth of Credit Transfers (AUD Billion), Figure 26: Australia Value and Growth of Direct Debit Transactions (AUD Billion), Figure 27: Australia Value and Growth of Check-Based Transactions (AUD Billion), Figure 28: Australia Value and Growth of Card Transactions (AUD Billion), Figure 29: Australia Debit Card Market Share by Banks (%), Figure 30: Australia Debit Card Market Share by Schemes (%), Figure 31: Australia Credit Card Market Share by Banks (%), Figure 32: Australia Credit Card Market Share by Schemes (%), Figure 33: Australia Charge Card Market Share by Schemes (%), Figure 34: Marketing Strategies Based on Card Type Figure 35: Monthly Fees on Debit Card by Banks Figure 36: Complementary Insurance Services by Commonw ealth Bank Figure 37: Rew ard Points on Debit Card by Banks Figure 38: Prepaid Card With Added Features Figure 39: Pricing Strategies of Various Service Providers Figure 40: Australia Card Industry by Type of Cards (%), Figure 41: Australia Card Industry Market Size by Volume (Million), Figure 42: Australia Card Industry Market Size by Transaction Value (AUD Billion), Figure 43: Australia Card Industry Market Size by Transaction Volume (Million), Figure 44: Australia Debit Card Industry Market Size by Volume (Million), Figure 45: Australia Debit Card Industry Market Size (AUD Billion), Figure 46: Australia Debit Card Industry Market Size by Transaction Volume (Million), Figure 47: Australia Debit Card Industry Market Size by Frequency of Use (Transactions/Card/Year), Figure 48: Debit Card Usage ATM and POS (Billion), Figure 49: Australia Prepaid Card Industry Market Size ( Million), Figure 50: Australia Open Loop Prepaid Card Industry Market Size (Million), Figure 51: Australia Close Loop Prepaid Card Market Size (Million), Figure 52: Australia Prepaid Card Industry Market Size (AUD Billion), Figure 53: Australia Credit Card Industry Market Size by Volume (Million), Figure 54: Australia Credit Card Industry Market Size by Transaction Value (AUD Billion), Figure 55: Australia Credit Card Industry Market Size by Transaction Volume (Million), Figure 56: Australia Credit Card Industry Market Size by Frequency of Use (Transactions/Card/Year), Figure 57: Australia Credit Card Industry Market Size by Average Transaction Value (AUD), Figure 58: Australia Credit Card Usage ATM and POS (Billion), Figure 59: Australia Charge Card Industry Market Size (Million), Figure 60: Australia Charge Card Industry Market Size (AUD Billion), Figure 61: Australia Charge Card Industry Market Size by Transaction Volume (Million), Figure 62: ANZ Find a Credit Card Portal for Credit Card Customers Figure 63: NAB Balance transfer calculator Emerging Opportunities in the Australian Cards and Payments Industry Page 5

6 TABLE OF CONTENTS LIST OF TABLES Table 1: Australian Repo Rate (%), Feb 2009 Jun Table 2: Card Fraud Statistics by Country (in local currency units), Table 3: Market Entry Strategy of Foreign Banks in Australia Table 4: Australia Card Industry by Type of Cards (Millions), Table 5: Australia Card Industry Market Size by Volume (Million), Table 6: Australia Card Industry Market Size by Transaction Value (AUD Billion), Table 7: Australia Card Industry Market Size by Transaction Value ( US$ Billion), Table 8: Australia Card Industry Market Size by Transaction Volume (Million), Table 9: Australia Debit Card Industry Market Size by Volume (Million), Table 10: Australia Debit Card Industry Market Size (AUD Billion), Table 11: Australia Debit Card Industry Market Size by Transaction Value ( US$ Billion), Table 12: Australia Debit Card Industry Market Size by Transaction Volume (Million), Table 13: Australia Debit Card Industry Market Size by Frequency of Use (Transactions/Card/Year), Table 14: Australia Prepaid Card Industry Market Size ( Million), Table 15: Australia Open Loop Prepaid Card Industry Market Size (Million), Table 16: Australia Close Loop Prepaid Card Market Size (Million), Table 17: Australia Prepaid Card Industry Market Size (AUD Billion), Table 18: Australia Prepaid Card Industry Market Size by Transaction Value ( US$ Billion), Table 19: Australia Credit Card Industry Market Size by Volume (Million), Table 20: Australia Credit Card Industry Market Size by Transaction Value (AUD Billion), Table 21: Australia Credit Card Industry Market Size by Transaction Value ( US$ Billion), Table 22: Australia Credit Card Industry Market Size by Transaction Volume (Million), Table 23: Australia Credit Card Industry Market Size by Frequency of Use (Transactions/Card/Year), Table 24: Australia Credit Card Industry Market Size by Average Transaction Value (AUD) Table 25: Australia Charge Card Industry Market Size (Million), Table 26: Australia Charge Card Industry Market Size (AUD Billion), Table 27: Australia Charge Card Industry Market Size by Transaction Value ( US$ Billion), Table 28: Australia Charge Card Industry Market Size by Transaction Volume (Million), Table 29: Cards and Payments Key Definitions Emerging Opportunities in the Australian Cards and Payments Industry Page 6

7 EXECUTIVE SUMMARY 1 Executive Summary The Australian cards and payments market registered marginal growth during the review period ( ), with a recorded rate of X.X% in 2011 over figures from 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 X.XX% to reach XX.X million cards in In value terms, the Australian cards and payments market valued AUDXXX.X billion (US$XXX.X million) in As consumers increasingly move from using cash to card as a method of payment, cards payments are expected to deliver strong growth over the forecast period. The already matured Australian cards and payments market presents steady growth potential The Australian market for cards and payments grew in terms of both volume and value during the review period. In terms of transaction volume, the card payment market grew at a CAGR of XX.XX% from X.X billion transactions in 2007 to X.X billion in It is anticipated that this volume will grow at a CAGR of XX.XX% over the forecast period ( ), to reach X.X billion transactions in In terms of volume, prepaid cards had the largest market share in 2011 with XX.X%, followed by debit cards at XX.X%. The main factor which has contributed to the growth of prepaid cards is the increasing market for closed loop prepaid cards. In terms of value, the Australian card market increased from AUDXXX.X billion (US$XXX.X million) in 2007 to AUDXXX.X billion (US$XXX.X million) in 2011, at a CAGR of X.XX%. The market is expected to reach AUD6XX.X billion (US$XXX.X million) in 2016, growing at a CAGR of X.XX% over the forecast period. The growth in the Australian cards and payments market is expected to be driven by an increasing demand for prepaid cards, better regulatory framework, an increasing market for online and mobile commerce, and a positive economic outlook. Growth in mobile commerce and contactless payment is expected to change the market dynamics The Australian mobile commerce market is relatively small, estimated to be valued at AUDXXX.X million in However, with the increasing adoption of smartphones, the market is expected to grow significantly over the forecast period. The emergence of mobile commerce in Australia has supported the market of contactless payments and Near Field Communication platform (NFC). The emergence of MasterCard PayPass, a provider of contactless payment through smartphones, is one of the major developments in the review period. Realizing the benefits of PayPass, a majority of Australian financial institutions using MasterCard now issue PayPass-enabled cards. In 2011, Vodafone, in partnership with Visa using Near-Field Communication (NFC), introduced mobile wallet services in Australia to allow shoppers the ability to pay for products or services with their smartphone. 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. This will also present stiff competition for the commercial banks offering various types of cards in the Australian market and may force them to adopt these evolving payment technologies. Growing market for three-party companion cards 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. A companion card is linked to two different credit card networks that allow customers to earn the benefits of whichever one they choose to use at the purchase point. As a result, credit card products with companion cards attached have increasingly replaced traditional single-card rewards programs in the product lines of all major banks. The four leading banks of Australia, Commonwealth Bank, ANZ, Westpac Bank and National Australia Bank offer at least one companion card account as part of their premium card accounts. Emerging Opportunities in the Australian Cards and Payments Industry Page 7

8 EXECUTIVE SUMMARY Regulations on credit and debit card market access and fees are mature, but regulations on gift and prepaid cards are yet to evolve The Australian reserve bank was among the earliest to issue regulations in the cards and payments market. The stance of the central bank of Australia is to make minimum interventions in the cards and payments market, and to promote competitive efficiency and stability. With this view, it has taken a number of important steps such as a restriction of the honor all cards rule to allow merchants to have a say on card acceptance, a limit on the Visa debit interchange fee, lowering the interchange fee for domestic scheme Electronic Funds Transfer at Point of Sale (EFTPOS), access regimes for various schemes, and transparency and disclosure requirements for interchange and merchant service fees. The prepaid market is not governed by strict rules but it does have to adhere to the Corporations Act (2001). The gift card market is not subject to any regulations except the epayments Code, this requires that gift card issuers are aware of the identity of the holder or his transaction history. Card market growth to be fostered by a number of key macroeconomic, busine ss and consumer drivers A number of important macroeconomic, consumer, business and infrastructural drivers are expected to further promote the cards and payments business in Australia. Among macroeconomic indicators, the growth of per capita GDP and lower inflationary pressures are bolstering the card market. The growth of prepaid cards, government purchase cards, e-commerce and mobile commerce are also positive business drivers for card market growth. Identifiable consumer drivers include the growth of luxury spending and outbound tourism, and a shift away from credit-fuelled spending patterns. Infrastructural drivers include Australia's insistence on PCI and advanced encryption standards; also soft ware applications developed by banks to promote mobile and e- banking are expected to promote confidence in card based payments. Online retail market to drive the use of prepaid and debit cards The market for online trade and e-commerce is one of the key growth drivers of the Australian cards and payments market. The low cost of online retail outlets was expected to help expand credit and debit card penetration rates and subsequently, the value of the country s online retail market increased from AUDXX.X billion in December 2011 to AUDXX.Xbillion in June The online commerce market in Australia is expected to reach AUDXX.X billion by 2015, presenting significant opportunity for growth in the cards and payments market. Competitive marketing and pricing strategies With competitive pressures in the Australian cards and payments market, banks and issuers are developing marketing and pricing strategies with the aim of attracting larger customer bases. Offers such as cash-back, discounts for retail outlets, buy-one-get-one-free offers, rewards points, increasing daily limits for cash withdrawals and insurance coverage are some of the strategies that banks are providing to Australian customers. Banks are segmenting their customer base in order to maximize the potential of expanding their market shares in each market segment. For example, Westpac and Commonwealth Bank of Australia have launched credit cards that specifically target college students and other banks 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. Emerging Opportunities in the Australian Cards and Payments Industry Page 8

9 MARKET ATTRACTIVENESS AND FUTURE PROSPECTS OF CARDS AND PAYMENTS INDUSTRY 2 Market Attractiveness and Future Prospects of The Australian Cards and Payments Industry The Australian cards and payments market is expected to register a CAGR of X.XX% over the forecast period to reach AUDXXX.X billion by the end of Given this healthy growth rate, the Australian cards market offers huge growth potential for banks and non-banking card issuers. Over the forecast period, prepaid cards are expected to grow significantly at a CAGR of X.XX%, mainly fueled by an increase in open loop prepaid cards that are predicted to grow at a CAGR of XX.XX% to reach AUDX.X billion in Closed loop cards are also forecast to grow at a CAGR of X.XX%. With the recent changes in the credit card interchange fees, high value cards like platinum and diamond credit cards are expected to register significant growth following an increased demand from the affluent classes. Credit and prepaid cards aimed primarily at women are very popular in other countries, and so it is expected that Australia s leading banks will start targeting this demographic over the forecast period. Figure 1: Current and Future Prospects of Various Cards in Australia 12% 10% 8% 6% 4% 2% Credit Card Debit Card Prepaid Card Emerging Opportunities Open loop prepaid cards High value credit cards specially platinum as diamond credit card Credit cards for women and students Charge cards for business houses 0% Charge Cards -2% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% Source: Timetric Analysis Debit cards for low value transactions to compete with emerging contactless payment Mobile commerce, corporate procurement, gift cards, travel, and government welfare schemes contain potential for growth in the prepaid cards market. The government is moving towards the use of prepaid cards as a way to distribute social benefits, and prepaid travel cards present another key growth area as an increasing number of the Australian population takes leisure vacations and business trips. Some markets with a strong potential for growth in debit card transactions are retail sales, utility bill payment and the entertainment sector. Emerging Opportunities in the Australian Cards and Payments Industry Page 9

10 MARKET ATTRACTIVENESS AND FUTURE PROSPECTS OF CARDS AND PAYMENTS INDUSTRY Credit and charge cards have huge potential for growth in retail sales, mobile commerce, travel, and entertainment. At a corporate level, charge cards can be used to meet purchasing needs as they have a fixed time scale that ensures banking is paid on time, maintaining a healthy credibility. Figure 2: Growth Potential of The Australian Cards And Payments Market by Area of Usage Area Of Usage Debit Cards Prepaid Cards Credit Cards Charge Cards Mobile Commerce Online Shopping Traditional Retail Gifts Entertainment Utility Bills Food / Meal Payroll Procurement Travel Government Welfare Schemes Financial Products High Growth Potential Medium Growth Potential Low Growth Potential Source: Timetric Analysis Emerging Opportunities in the Australian Cards and Payments Industry Page 10

11 (US$ in Million) EMERGING CONSUMER ATTITUDES AND TRENDS 3 Analysis of Australian Cards and Payments Market Drivers The Australian prepaid and debit cards market recorded impressive growth during the review period. Notably, this growth not only resulted in an increase in the volume of cards issued, but also improvements in their overall process and functions. Consequently, cards issued by Australian banks are now accept ed worldwide and are available in multiple currencies. The Australian payment cards market is growing rapidly and becoming more competitive every year, with banks and card issuing companies now forced to offer more attractive products in order to retain their market positions. Significantly, the emergence of highly secure payment gateways increased public confidence in payment cards, and had a positive impact on the overall market development. Moreover, the rapid expansion of the Australian online retail and online travel markets also supported the country s payments card market. 3.1 Card Fraud Statistics Australia has one of the most worrying card fraud statistics in the world. According to a study by Australian Bureau of Statistics, X.X% of the population (or nearly XXX,XXX people), were victims of credit card fraud in Card fraud at POS terminals was greater than that at ATMs. The total value of card fraud in the country was US$XXX.XX million in The value of card fraud in the country grew at a CAGR of XX.XX% during the review period between 2007 and Table 2: Card Fraud Statistics by Country (in local currency units), Types of Card CAGR India XXX.X XXX.X XXX.X XXX.X XXX.X X.XX% China XXX.XX XXX.XX XXX.XX XXX.XX XXX.XX XX.XX% Russia XXX.X X,XXX.X X,XXX.X X,XXX.X X,XXX.X XX.XX% Brazil XXX.X XXX.X XXX.X XXX.X XXX.X -X.XX% Australia XX.X XXX.X XXX.X XXX.X XXX.X XX.XX% Source: Timetric analysis Figure 9: Card Fraud Statistics by Country (US$ Million), India Russia China Brazil Australia Source: Timetric Analysis Emerging Opportunities in the Australian Cards and Payments Industry Page 11

12 Card Fraud Statistics Transaction Value (AUD Million) EMERGING CONSUMER ATTITUDES AND TRENDS By channel Examining by channel, the value of fraud at POSs grew faster than the value of fraud occurring at ATMs. The value of fraud at POSs grew at a CAGR of XX.XX% and the value of fraud at ATMs grew at a CAGR of XX.XX% during the review period. Overall fraud at both ATMs and POSs grew at a CAGR of XX.XX%. The total value of fraud in 2011 was AUDXXX.X million. Figure 10: Australia Card Fraud Statistics by Channel (AUD Million), ATM POS Source: Timetric Analysis Emerging Opportunities in the Australian Cards and Payments Industry Page 12

13 STRATEGIES ADOPTED BY KEY PLAYERS 4 Competitive Landscape and Industry Dynamics 4.1 Market Share Analysis by Payment Channels This section contains the market shares of various payment channels and outlines how these channels have grown during the review period. The channels covered include cheques, cash transaction, credit cards, credit transfers, internet and mobile banking Overview of payment channels Figure 23: Australia Payment Channels (%), 2007 and 2011 Card Payments 1.5% Checks 8.9% Cash 35.1% Direct Debit 25.94% Checks 5.76% Card Payments 1.90% Direct Debit 22.7% Cash 34.64% Credit Transfer 31.8% Credit Transfer 31.76% Source: Timetric Analysis Emerging Opportunities in the Australian Cards and Payments Industry Page 13

14 COMPANY PROFILE, PRODUCTS AND MARKETING STRATEGIES 5 Market Size and Growth Potential of Australian Payment Card Industry The following section contains an overview of the market size and growth potential of the Australian cards and payments industry. The section is divided into six chapters. Chapter one covers market share analysis by type of card; chapter two discusses the market share and future growth of the overall industry by value and volume; chapter three provides the market size of the country s debit card market; chapter four discusses the market size of prepaid cards; chapter five and six covers the market size and growth potential of the credit and charge card market respectively. 5.1 Market Share Analysis by Type of Card Though the issuance of all card types has increased in the review period, prepaid cards capture the largest market share and shows prospects of significant growth. The market size in volume terms of prepaid cards grew at a CAGR of XX.XX% during the review period, from XX.X million in 2007 to XX.X million in It is expected to grow at a CAGR of X.XX% over the forecast period to reach XX.X million in Debit cards captured the next largest market share, growing at a CAGR of X.XX% during the review period to reach XX.X million in The total volume of debit cards is forecast to reach XX.X million in 2016, after registering a CAGR of X.X% over the forecast period. The market size of credit cards in volume terms increased at a CAGR of X.XX% during the review period. The volume of credit cards is expected to grow from XX.X million in 2012 to XX.X million in 2016, after registering a CAGR of X.XX% over the forecast period. The charge card market has the lowest market share. The number of charge cards has declined from X.X million cards in 2007 to X.X million cards in 2011, a CAGR of -X.XX% during the review period. The volume though is expected to grow over the forecast period at a CAGR of -X.XX% to reach X.X million in Table 4: Australia Card Industry by Type of Cards (Millions), Types of Card CAGR CAGR Debit Card Credit Card Prepaid Card Charge Cards Total Cards Source: Timetric analysis XX.X XX.X XX.X XX.X X.XX% X.XX% XX.X XX.X XX.X XX.X X.XX% X.XX% XX.X XX.X XX.X XX.X XX.XX% X.XX% X.X X.X X.X X.X -X.XX% -X.XX% XX.X XX.X XX.X XXX.X X.XX% X.XX% Emerging Opportunities in the Australian Cards and Payments Industry Page 14

15 Value of Transactions (AUD Billion) Growth Rate (%) COMPANY PROFILE, PRODUCTS AND MARKETING STRATEGIES 5.2 Total Market Size and Forecast of Card Industry Analysis by transaction value The size of the Australian card industry in value terms grew at a CAGR of X.X% during the review period from AUDXXX.X billion (US$XXX.X billion) in 2007 to AUDXXX.X billion (US$XXX.X billion) in The overall market size in value terms is expected to grow at a CAGR of X.XX% over the forecast period from AUDXXX.X billion (US$XXX.X billion) in 2012 to AUDXXX.X billion (US$XXX.X billion) in Table 6: Australia Card Industry Market Size by Transaction Value (AUD Billion), CAGR Total Cards Historical XXX.X XXX.X XXX.X XXX.X XXX.X X.XX% CAGR Total Cards Forecast XXX.X XXX.X XXX.X XXX.X XXX.X X.XX% Source: Timetric analysis Table 7: Australia Card Industry Market Size by Transaction Value ( US$ Billion), CAGR Total Cards Historical XXX.X XXX.X XXX.X XXX.X XXX.X XX.XX% CAGR Total Cards Forecast XXX.X XXX.X XXX.X XXX.X XXX.X X.XX% Source: Timetric analysis Figure 42: Australia Card Industry Market Size by Transaction Value (AUD Billion), % % % % % Source: Timetric analysis Emerging Opportunities in the Australian Cards and Payments Industry Page 15

16 Number of Transactions (Million) Growth Rate (%) COMPANY PROFILE, PRODUCTS AND MARKETING STRATEGIES Analysis by transaction volume In terms of the number of transactions, the cards and payments industry grew significantly during the review period, from X.XX billion transactions in 2007 to X.XX billion transactions in 2011, at a CAGR of XX.XX%. Debit card transactions remained the key driver influencing the growth, followed by the emergence of charge cards and their usage. Further, the demand for prepaid cards also contributed to transactional growth during the review period. Over the forecast period, the transaction volume of total cards is expected to grow at a CAGR of XX.XX% to reach X.XX billion by the end of Table 8: Australia Card Industry Market Size by Transaction Volume (Million), Total Cards Historical CAGR X,XXX.X X,XXX.X X,XXX.X X,XXX.X X,XXX.X XX.XX% CAGR Total Cards Forecast X,XXX.X X,XXX.X X,XXX.X X,XXX.X X,XXX.X XX.XX% Source: Timetric analysis Figure 43: Australia Card Industry Market Size by Transaction Volume (Million), ,000 12% 7,000 6,000 9% 5,000 4,000 6% 3,000 2, % Source: Timetric analysis Emerging Opportunities in the Australian Cards and Payments Industry Page 16

17 APPENDIX 6 Appendix 6.1 Methodology All Timetric cards and payments reports are created by following a comprehensive, four -stage methodology. This includes market study, research, analysis and quality control. 1) Market Study A. Standardization Definitions are specified using recognized industry classifications. The same definition is used for every country. Annual average currency exchange rates are used for the latest completed year. These are then applied across both the historical and forecast data to remove exchange rate fluctuations. B. Internal audit Review of in-house databases to gather existing data: Historic market databases and reports Company database C. Trend monitoring Review of the latest cards and payments companies and industry trends 2) Research A. Source s Collection of the latest market-specific data from a wide variety of industry sources: Government statistics Industry associations Company filings International organizations Cards and payments regulatory agencies B. Expert opinion Collation of opinion taken from leading cards and payments industry experts Analysis of third-party opinion and forecasts: Broker reports Media Official government sources C. Data consolidation and verification Consolidation of data and opinion to create historical d atasets Creation of models to benchmark data across sectors and regions 3) Analysis A. Market forecasts Feeding forecast data into market models: Macroeconomic indicators Industry-specific drivers Analysis of cards and payments industry database to identify trends: Latest cards and payments trends Key drivers of the cards and payments industry B. Report writing Analysis of market data Discussion of company and industry trends and issues Emerging Opportunities in the Australian Cards and Payments Industry Page 17

18 APPENDIX Review of financial deals and cards and payments trends 4) Quality Control A. Templates Detailed process manuals Standardized report templates and accompanying style guides Complex forecasting tool used to ensure forecast methodologies are consistently applied Quality-control checklists B. Quality control proce ss 6.2 Definitions Peer review Senior-level QC Random spot checks on data integrity Benchmark checks across databases Market data cross-checked for consistency with accumulated data from: Company filings Government sources. Table 29: Cards and Payments Key Definitions Categories Gift cards Description Gift cards are suitable for a variety of purposes such as at key religious festivals or on specific anniversaries including marriages and birthdays. The gift card can also be used by corporations as gifts to employees, vendors or clients. Meal cards This card category is specifically designed to replace the inefficient paper voucher system used across the country. It also offers employees a meal allow ance and eliminates the logistical problems associated with the procurement, stock-keeping and distribution of paper-based meal vouchers. Payroll cards This card is used to pay salaries to employees by eliminating the need to put funds into a specific bank account. The payroll card is loaded w ith the amount of salary or reimbursement clients are due, which they can spend using the card. Travel currency card Remittance card Multi-purpose prepaid cash card Average Transaction Value Frequency of Use This card targets international travelers and are available in multiple currency. This card targets those who receive remittances from abroad. Multi-purpose cards can be used to purchase various goods and services from affiliated merchants. Average transaction value is the average value of transactions made through each card in a year. Frequency of use represents the average number of transactions made using different cards in a given year. Turnover Per Card Online Spending Through Mobile Card Penetration (per '000) Turnover per card represents the value of transactions generated by various cards in a year. It reflects the value of transaction made though mobile using various payment options. Card penetration data represent the average number of various card types available per thousand populations. Contactless Transactions NFC-enabled Cards Source: Timetric analysis It reflects the total number of NFC enabled cards in circulation. It reflects the total number of NFC enabled cards in circulation. Emerging Opportunities in the Australian Cards and Payments Industry Page 18

19 APPENDIX 6.3 Contact Us If you have any queries about this report, or would like any further information, please contact 6.4 About Timetric Timetric is an innovative, fast-growing economic and business research firm that provides critical intelligence on emerging economies and key global industries. We provide detailed independent economic and sector research, business insights and authoritative, independent commentary, all delivered using sophisticated content delivery and data visualization technologies. We collect data through an extensive primary and secondary research network using robust methodologies and highly innovative data acquisition and storage technologies. Our highly qualified teams of economists and analysts draw on their collective industry experience to deliver analysis, comment, opinion and advice on the latest country and market trends and conditions. We provide extensive data services and commentary to influential business media operations around the globe. The Timetric product team is based in London, San Francisco, Hyderabad, Sydney and Singapore and consists of over 300 economists, analysts, journalists and researchers and a team of 40 software engineers Our Approach All of Timetric s products and services are founded on three key principles: High-Quality Data All our services are grounded in high-quality data. We collect data in a number of innovative ways including extensive business and consumer surveys conducted via our sophisticated market research technology, exclusive industry research programmes and models, the systematic collection and curation of huge public data sets such as national statistics sites, regulatory filings and procurement databases, mining of business and government exhaust data, plus analysis of business and social media sentiment. Combined, the Timetric data assets consist of well over 1 billion time series and tens of billions of data points, creating a powerful resource for our data models, forecasts and analysis. Expert Analysis Our intelligence services are provided by in-house teams of economists, analysts and researchers, working to programmes that are guided by global advisory boards of leading economists and industry advisors. Our analysts collectively have hundreds of years of research experience and pedigrees from the leading institutions. Timetric analysis draws on high-quality data sources, including proprietary panel and survey data, and is grounded in proprietary data analysis methodologies, analysis frameworks and forecasts. Powerful Delivery and Visualization Tools We understand that our users want to spend more time analyzing information than finding it, so we have created a highly intuitive and extremely responsive user interface that organizes data in subject -specific modules, coupled with powerful search and index technologies to enable data to be easily found, classified and cross-referenced. The Timetric interface is designed by specialized UI experts, and builds on a platform constructed specifically to enable fast, powerful access, visualizations and analytics of big data and content sets. Emerging Opportunities in the Australian Cards and Payments Industry Page 19

20 APPENDIX 6.5 Services Timetric offers a range of economic, industry and consulting services: Economic Intelligence Services Timetric leverages its extensive data assets, through the use of innovative technologies, in order to produce thought-provoking analytical content delivered in the form of economic briefing services. We also enable you to access the data components that power this analysis, so that you can understand further, dig deeper or create your own assessments. Industry Intelligence Our industry Intelligence Centers are premium web -based services that provide access to interactive tools, comprehensive research and expert analysis in key industry sectors. They provide invaluable decision support presented in an easily digestible format and grounded in deep research. Consulting Timetric specializes in the development and delivery of innovative research solutions that are designed to provide competitive advantage and profitability to our clients. Our cutting-edge res earc h processes, groundbreaking technology and expert researchers and analysts can be leveraged to produce timely, cost -effective, insightful and actionable recommendations to support your growth strategy. 6.6 Disclaimer All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, Timetric. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that Timetric delivers will be based on information gathered in good faith from both primary and secondary sources, the accuracy of which Timetric is not always in a position to guarantee. Timetric will accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect. Emerging Opportunities in the Australian Cards and Payments Industry Page 20

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