DUBLIN--(BUSINESS WIRE)--The "Payments Down Under: Australia's Leading Examples" report has been added to ResearchAndMarkets.com's offering.
Australia is leading innovation in areas such as contactless payments, bill payments, digital commerce, and point-of-sale applications, and the market is ready to make the next transformation with the start of the New Payments Platform in October this year. The Reserve Bank of Australia was one of the first regulators to introduce interchange fee regulation back in 2003, and regulators around the world have since introduced interchange regulation following the Australian example. Can an assessment of today's Australian market offer an idea of what is in store for payment markets in other geographies?
Based on conversations with representatives from leading banks, fintech companies, public authorities, and industry associations, this report surveys the Australian payments market for key trends and initiatives.
- The Australian payment mix is shifting heavily toward electronic payments. Consumers are continuing to switch to electronic payment methods from paper-based methods - cash and checks - for their purchases. The dominant payment method in Australia is cards; more than 50% of consumer payments in 2016 were made with cards.
- The fast-increasing use of contactless card payments, the development of new digital cash substitutes, such as mobile P2P payments, and the high adoption of smartphones (89% in 2016) position Australia as a firm candidate for a cashless society. It is certainly possible that the country can make the turnaround to a contracting cash demand, following the example of the Scandinavian countries, within the foreseeable future.
Key Topics Covered:
- Impact Points
- The Australian Payments Market
- Australian Banking - a Profitable Undertaking
- The Economics of Payments
- Organization and Self-Regulation of the Australian Payments Market
- Trends in the Australian Payment Mix
- Cards - Regulated, But Still Going Strong
- Cash - No Longer King, But Still Very Much Alive
- Checks - Volume is Declining Rapidly
- Bill Payment
- Direct Entry
- Driving Innovation
- Mobility of Payments
- Instant Payments (NPP)
- Open Access to Bank Data
- Growing Cross-Border Commerce With China
- Alibaba Group
- American Express
- Australia and New Zealand Banking Group (ANZ)
- Australian Payments Network
- Commonwealth Bank of Australia (CBA)
- Diners Club
- Fintech Australia
- National Australia Bank (NAB)
- Reserve Bank of Australia (RBA)
For more information about this report visit https://www.researchandmarkets.com/research/3pgw96/payments_down?w=4.