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Credit Cards in Australia
November 2021
2021 DEVELOPMENTS
Credit cards remains major payment method
In the midst of a global pandemic, contactless proximity payments were increasingly preferred as a payment choice for in-store retailing. The use of physical cash was being highly discouraged due to the contact that is required, with hygiene concerns uppermost in both the minds of retailers and consumers.
NAB purchases Citigroup’s Australian consumer business
National Australia Bank Group (NAB) is looking to expand its share within credit cards by buying Citigroup’s Australian retail banking arm for at least AUD1.2 billion.
PROSPECTS AND OPPORTUNITIES
Competition between credit cards and BNPL platforms to intensify
Since the entry of Afterpay in 2017, BNPL platforms have cemented their position as a strong contender to replace credit cards in the future and become a perpetually popular payment method. Companies such as Afterpay and Zip Pay have spurred countless numbers of competitors and imitators ranging from global payments giant PayPal to even domestic retail banks such as Commonwealth Bank of Australia with their own versions of the BNPL scheme.
End of physical credit cards?
Mastercard has announced that it intends to remove the magnetic stripe from the back of its physical cards by 2033. Swiping to pay is increasingly irrelevant to Australia’s payment landscape and these stripe-less cards will begin appearing in Australia from as early as 2024 as consumers continue to shift towards contactless and chip-based payments.
Integrating digital tech innovation to boost credit card loyalty
Credit cards will continue to face strong headwinds with the shift in consumer preference from credit card to debit cards and Buy Now Pay Later platforms. Debit cards and BNPL options offer a path away from deferred interest, hidden fees and charges that were often associated with credit cards, leading to a downward spiral of never-ending debt if the consumer has poorer financial discipline.
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Overview:
Understand the latest market trends and future growth opportunities for the Credit Card Transactions industry in Australia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Credit Card Transactions industry in Australia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Credit Card Transactions in Australia report includes:
Analysis of key supply-side and demand trends
Detailed segmentation of international and local products
Historic volume and value sizes, company and brand market shares
Five year forecasts of market trends and market growth
Robust and transparent research methodology, conducted in-country
This report answers:
What is the market size of Credit Card Transactions in Australia?
What are the major trends key to understanding Credit Card Transactions in Australia?
How has COVID-19, recession and macroeconomic volatility impacted the market?
How long will the market take to recover? What are the opportunities now?
How will political context and shifting cultural values shape future growth?
Where is future growth expected to be most dynamic?
Charge Cards in Australia - Category analysis
Charge Cards in Australia - Company Profile
KEY DATA FINDINGS
2021 DEVELOPMENTS
Charge cards continue to be reserved for the elite and loyal users
Personal charge card users less likely to be affected by pandemic
PROSPECTS AND OPPORTUNITIES
Future of charge cards remains uncertain
Buy Now Pay Later growing in popularity
Digital transformation for charge cards is necessary to keep abreast of current trends
CATEGORY DATA
Table 1 Charge Cards: Number of Cards in Circulation 2016-2021Table 2 Charge Cards Transactions 2016-2021Table 3 Charge Cards in Circulation: % Growth 2016-2021Table 4 Charge Cards Transactions: % Growth 2016-2021Table 5 Commercial Charge Cards: Number of Cards in Circulation 2016-2021Table 6 Commercial Charge Cards Transactions 2016-2021Table 7 Commercial Charge Cards in Circulation: % Growth 2016-2021Table 8 Commercial Charge Cards Transactions: % Growth 2016-2021Table 9 Personal Charge Cards: Number of Cards in Circulation 2016-2021Table 10 Personal Charge Cards Transactions 2016-2021Table 11 Personal Charge Cards in Circulation: % Growth 2016-2021Table 12 Personal Charge Cards Transactions: % Growth 2016-2021Table 13 Charge Cards: Number of Cards by Issuer 2016-2020Table 14 Charge Cards: Number of Cards by Operator 2016-2020Table 15 Charge Cards Payment Transaction Value by Issuer 2016-2020Table 16 Charge Cards Payment Transaction Value by Operator 2016-2020Table 17 Commercial Charge Cards: Number of Cards by Issuer 2016-2020Table 18 Commercial Charge Cards: Number of Cards by Operator 2016-2020Table 19 Commercial Charge Cards Payment Transaction Value by Issuer 2016-2020Table 20 Commercial Charge Cards Payment Transaction Value by Operator 2016-2020Table 21 Personal Charge Cards: Number of Cards by Issuer 2016-2020Table 22 Personal Charge Cards: Number of Cards by Operator 2016-2020Table 23 Personal Charge Cards Transaction Value by Issuer 2016-2020Table 24 Personal Charge Cards Transaction Value by Operator 2016-2020Table 25 Forecast Charge Cards: Number of Cards in Circulation 2021-2026Table 26 Forecast Charge Cards Transactions 2021-2026Table 27 Forecast Charge Cards in Circulation: % Growth 2021-2026Table 28 Forecast Charge Cards Transactions: % Growth 2021-2026Table 29 Forecast Commercial Charge Cards: Number of Cards in Circulation 2021-2026Table 30 Forecast Commercial Charge Cards Transactions 2021-2026Table 31 Forecast Commercial Charge Cards in Circulation: % Growth 2021-2026Table 32 Forecast Commercial Charge Cards Transactions: % Growth 2021-2026Table 33 Forecast Personal Charge Cards: Number of Cards in Circulation 2021-2026Table 34 Forecast Personal Charge Cards Transactions 2021-2026Table 35 Forecast Personal Charge Cards in Circulation: % Growth 2021-2026Table 36 Forecast Personal Charge Cards Transactions: % Growth 2021-2026
Credit Cards in Australia - Category analysis
Credit Cards in Australia - Company Profile
KEY DATA FINDINGS
2021 DEVELOPMENTS
Credit cards remains major payment method
NAB purchases Citigroup’s Australian consumer business
PROSPECTS AND OPPORTUNITIES
Competition between credit cards and BNPL platforms to intensify
End of physical credit cards?
Integrating digital tech innovation to boost credit card loyalty
CATEGORY DATA
Table 37 Credit Cards: Number of Cards in Circulation 2016-2021Table 38 Credit Cards Transactions 2016-2021Table 39 Credit Cards in Circulation: % Growth 2016-2021Table 40 Credit Cards Transactions: % Growth 2016-2021Table 41 Commercial Credit Cards: Number of Cards in Circulation 2016-2021Table 42 Commercial Credit Cards Transactions 2016-2021Table 43 Commercial Credit Cards in Circulation: % Growth 2016-2021Table 44 Commercial Credit Cards Transactions: % Growth 2016-2021Table 45 Personal Credit Cards: Number of Cards in Circulation 2016-2021Table 46 Personal Credit Cards Transactions 2016-2021Table 47 Personal Credit Cards in Circulation: % Growth 2016-2021Table 48 Personal Credit Cards Transactions: % Growth 2016-2021Table 49 Credit Cards: Number of Cards by Issuer 2016-2020Table 50 Credit Cards: Number of Cards by Operator 2016-2020Table 51 Credit Cards Payment Transaction Value by Issuer 2016-2020Table 52 Credit Cards Payment Transaction Value by Operator 2016-2020Table 53 Commercial Credit Cards: Number of Cards by Issuer 2016-2020Table 54 Commercial Credit Cards: Number of Cards by Operator 2016-2020Table 55 Commercial Credit Cards Payment Transaction Value by Issuer 2016-2020Table 56 Commercial Credit Cards Payment Transaction Value by Operator 2016-2020Table 57 Personal Credit Cards: Number of Cards by Issuer 2016-2020Table 58 Personal Credit Cards: Number of Cards by Operator 2016-2020Table 59 Personal Credit Cards Payment Transaction Value by Issuer 2016-2020Table 60 Personal Credit Cards Payment Transaction Value by Operator 2016-2020Table 61 Forecast Credit Cards: Number of Cards in Circulation 2021-2026Table 62 Forecast Credit Cards Transactions 2021-2026Table 63 Forecast Credit Cards in Circulation: % Growth 2021-2026Table 64 Forecast Credit Cards Transactions: % Growth 2021-2026Table 65 Forecast Commercial Credit Cards: Number of Cards in Circulation 2021-2026Table 66 Forecast Commercial Credit Cards Transactions 2021-2026Table 67 Forecast Commercial Credit Cards in Circulation: % Growth 2021-2026Table 68 Forecast Commercial Credit Cards Transactions: % Growth 2021-2026Table 69 Forecast Personal Credit Cards: Number of Cards in Circulation 2021-2026Table 70 Forecast Personal Credit Cards Transactions 2021-2026Table 71 Forecast Personal Credit Cards in Circulation: % Growth 2021-2026Table 72 Forecast Personal Credit Cards Transactions: % Growth 2021-2026
Debit Cards in Australia - Category analysis
Debit Cards in Australia - Company Profile
KEY DATA FINDINGS
2021 DEVELOPMENTS
Card fraud on the rise linked to increasing penetration of e-commerce
Small businesses fear higher transaction costs
BNPL enters the debit card space
PROSPECTS AND OPPORTUNITIES
Strong usage of debit cards expected to continue over forecast period
Making least cost routing mandatory
Banks offer niche products and services to cater to broader new trends
CATEGORY DATA
Table 73 Debit Cards: Number of Cards in Circulation 2016-2021Table 74 Debit Cards Transactions 2016-2021Table 75 Debit Cards in Circulation: % Growth 2016-2021Table 76 Debit Cards Transactions: % Growth 2016-2021Table 77 Debit Cards: Number of Cards by Issuer 2016-2020Table 78 Debit Cards: Number of Cards by Operator 2016-2020Table 79 Debit Cards Payment Transaction Value by Issuer 2016-2020Table 80 Debit Cards Payment Transaction Value by Operator 2016-2020Table 81 Forecast Debit Cards: Number of Cards in Circulation 2021-2026Table 82 Forecast Debit Cards Transactions 2021-2026Table 83 Forecast Debit Cards in Circulation: % Growth 2021-2026Table 84 Forecast Debit Cards Transactions: % Growth 2021-2026
Pre-Paid Cards in Australia - Category analysis
Pre-Paid Cards in Australia - Company Profile
KEY DATA FINDINGS
2021 DEVELOPMENTS
Transportation cards move further towards a multi-usage model
Integration of loyalty programmes, discounts and other incentives to boost popularity
PROSPECTS AND OPPORTUNITIES
QR codes and contactless payment technology provide opportunities for pre-paid cards
Entry of crypto pre-paid card
CATEGORY DATA
Table 85 Pre-paid Cards: Number of Cards in Circulation 2016-2021Table 86 Pre-paid Cards Transactions 2016-2021Table 87 Pre-paid Cards in Circulation: % Growth 2016-2021Table 88 Pre-paid Cards Transactions: % Growth 2016-2021Table 89 Closed Loop Pre-paid Cards Transactions 2016-2021Table 90 Closed Loop Pre-paid Cards Transactions: % Growth 2016-2021Table 91 Open Loop Pre-paid Cards Transactions 2016-2021Table 92 Open Loop Pre-paid Cards Transactions: % Growth 2016-2021Table 93 Pre-paid Cards: Number of Cards by Issuer 2016-2020Table 94 Pre-paid Cards: Number of Cards by Operator 2016-2020Table 95 Pre-paid Cards Transaction Value by Issuer 2016-2020Table 96 Pre-paid Cards Transaction Value by Operator 2016-2020Table 97 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2016-2020Table 98 Closed Loop Pre-paid Cards: Number of Cards by Operator 2016-2020Table 99 Closed Loop Pre-paid Cards Transaction Value by Issuer 2016-2020Table 100 Closed Loop Pre-paid Cards Transaction Value by Operator 2016-2020Table 101 Open Loop Pre-paid Cards: Number of Cards by Issuer 2016-2020Table 102 Open Loop Pre-paid Cards: Number of Cards by Operator 2016-2020Table 103 Open Loop Pre-paid Cards Transaction Value by Issuer 2016-2020Table 104 Open Loop Pre-paid Cards Transaction Value by Operator 2016-2020Table 105 Forecast Pre-paid Cards: Number of Cards in Circulation 2021-2026Table 106 Forecast Pre-paid Cards Transactions 2021-2026Table 107 Forecast Pre-paid Cards in Circulation: % Growth 2021-2026Table 108 Forecast Pre-paid Cards Transactions: % Growth 2021-2026Table 109 Forecast Closed Loop Pre-paid Cards Transactions 2021-2026Table 110 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2021-2026Table 111 Forecast Open Loop Pre-paid Cards Transactions 2021-2026Table 112 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2021-2026
Store Cards in Australia - Category analysis
Store Cards in Australia - Company Profile
KEY DATA FINDINGS
2021 DEVELOPMENTS
Store cards sees poor performance due to store closures and limited digital capability
E-commerce represents a consistent and growing threat
Lack of innovation a negative driver
PROSPECTS AND OPPORTUNITIES
Fuel cards still play an important role
Store cards under pressure from different options
New entities threatening the future of physical cards
CATEGORY DATA
Table 113 Store Cards: Number of Cards in Circulation 2016-2021Table 114 Store Cards Transactions 2016-2021Table 115 Store Cards in Circulation: % Growth 2016-2021Table 116 Store Cards Transactions: % Growth 2016-2021Table 117 Store Cards: Number of Cards by Issuer 2016-2020Table 118 Store Cards: Payment Transaction Value by Issuer 2016-2020Table 119 Forecast Store Cards: Number of Cards in Circulation 2021-2026Table 120 Forecast Store Cards Transactions 2021-2026Table 121 Forecast Store Cards in Circulation: % Growth 2021-2026Table 122 Forecast Store Cards Transactions: % Growth 2021-2026
Financial Cards and Payments in Australia - Industry Overview
EXECUTIVE SUMMARY
Financial cards and payments in 2021: The big picture
2021 key trends
Government looks to support businesses through troubled times
Building a complete payment ecosystem to drive loyalty and foster new relationships
APRA tightening standards for bank licences
What next for financial cards and payments?
MARKET INDICATORS
Table 123 Number of POS Terminals: Units 2016-2021Table 124 Number of ATMs: Units 2016-2021Table 125 Value Lost to Fraud 2016-2021Table 126 Card Expenditure by Location 2021Table 127 Financial Cards in Circulation by Type: % Number of Cards 2016-2021Table 128 Domestic versus Foreign Spend 2021
MARKET DATA
Table 129 Financial Cards by Category: Number of Cards in Circulation 2016-2021Table 130 Financial Cards by Category: Number of Accounts 2016-2021Table 131 Financial Cards Transactions by Category: Value 2016-2021Table 132 Financial Cards by Category: Number of Transactions 2016-2021Table 133 Consumer Payments by Category: Value 2016-2021Table 134 Consumer Payments by Category: Number of Transactions 2016-2021Table 135 M-Commerce by Category: Value 2016-2021Table 136 M-Commerce by Category: % Value Growth 2016-2021Table 137 Financial Cards: Number of Cards by Issuer 2016-2020Table 138 Financial Cards: Number of Cards by Operator 2016-2020Table 139 Financial Cards: Card Payment Transactions Value by Operator 2016-2020Table 140 Financial Cards: Card Payment Transactions Value by Issuer 2016-2020Table 141 Forecast Financial Cards by Category: Number of Cards in Circulation 2021-2026Table 142 Forecast Financial Cards by Category: Number of Accounts 2021-2026Table 143 Forecast Financial Cards Transactions by Category: Value 2021-2026Table 144 Forecast Financial Cards by Category: Number of Transactions 2021-2026Table 145 Forecast Consumer Payments by Category: Value 2021-2026Table 146 Forecast Consumer Payments by Category: Number of Transactions 2021-2026Table 147 Forecast M-Commerce by Category: Value 2021-2026Table 148 Forecast M-Commerce by Category: % Value Growth 2021-2026
DISCLAIMER
SOURCES
Summary 1 Research Sources
The following categories and subcategories are included:
Credit Card Transactions
Commercial Credit Card Transactions
Average Personal Credit Card Balance
Average Personal Credit Card Limit
Personal Credit Card Utilisation
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This report originates from Passport, our Credit Card Transactions research and analysis database.
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