Dublin, March 18, 2022 (GLOBE NEWSWIRE) -- The "Australia Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend" report has been added to ResearchAndMarkets.com's offering.
The prepaid card market (value terms) in Australia increased at a CAGR of 9.9% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 10.3%, increasing from US$19.22 billion in 2022 to reach US$28.43 billion by 2026.
Prepaid cards, particularly gift cards, are becoming more popular among corporate houses as a part of their promotional activities and tax-saving option for their employees. Additionally, virtual gift cards are gaining popularity among millennials. This trend has created opportunities for prepaid card issuers to target this large consumer base with brand and product expansion. For instance, PayPal operates an e-commerce gift card store in Australia that offers consumers who are willing to buy gift cards through their PayPal digital wallet.
The presence of global and homegrown companies makes the Australian prepaid card market more competitive. However, fintech startups are finding new ways to manage the intense competition and expand their reach. Therefore, the market noticed product innovation and new product launches in the last couple of years. Fintech companies are also involving in mergers and acquisitions to expand their market share in the prepaid card segment.
eftpos introduced Australia's first integrated QR wallet
With the rising demand for QR solutions by Australian retailers and consumers, fintech companies are adopting a strategy focusing on driving digital competition.
- In July 2021, Australia-based payments giant eftpos announced to build its new QR code payments system through its acquired digital wallet 'Beem It.'This new digital infrastructure will allow Australians with better digital payment experiences helping to shop online, on their mobile, or at the checkout.
- The publisher expects pandemic-led increasing demand for low-cost QR-based solutions to be highly adopted by merchants and consumers. Therefore, the digital wallet providers will attract a significant customer base in the medium to long run.
Apple introduces 'everything Apple' gift card in Australia
With the increasing number of consumers flocking to buy groceries, order food through online platforms, the usage of digital payments in Australia got boosted. Therefore, various technology giants are launching unique digital solutions in the country to gain market share.
- In July 2021, Apple launched a unified gift card in Australia, which has an iTunes card as well as an Apple Store card.
- This card can be used to purchase products and accessories from the Apple store, apps, games, music, movies, TV shows, iCloud, among others.
- Moreover, the user can add money directly to the Apple Account Balance.
- Also, this card is available in both digital and physical versions available to be sent through post or email.
Government initiatives boosting the prepaid card market
The Australian government proposed a range of new initiatives in December 2021. For instance, the government plans on inviting various businesses for registration under the Trusted Digital Identity Framework or participation in the Digital Identity System.
This initiative will help businesses identify ways to benefit their business and customers and how and when they can participate in the system, which can further contribute to the governance and operation of the system. The publisher expects, with proactive government initiatives, fintechs to develop digital modes of payments through business strategies, which can lead to an increased usage of prepaid cards in the country in the medium to long run.
Scope
Companies Mentioned
- Wesfarmers Ltd
- Woolworths Ltd (Australia)
- Metcash Ltd
- Aldi Group
- Harvey Norman Holdings Ltd
- JB Hi-Fi Ltd
- Apple Inc
Australia Digital Wallet Market Size and Forecast
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
Australia Digital Wallet Market Size and Forecast by Key Segments
- Retail Shopping (Value, Volume, Avg. Value)
- Travel (Value, Volume, Avg. Value)
- Entertainment and Gaming (Value, Volume, Avg. Value)
- Restaurant (Value, Volume, Avg. Value)
- Recharge and Bill Payment (Value, Volume, Avg. Value)
Australia Prepaid Card Industry Market Attractiveness
- Load Value Trend Analysis
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Market Share Analysis by Functional Attributes - Open Loop vs. Closed Loop, 2017 - 2026
Market Share Analysis by Prepaid Card Categories
Australia Open Loop Prepaid Card Future Growth Dynamics, 2017 - 2026
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Australia Closed Loop Prepaid Card Future Growth Dynamics, 2017 - 2026
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Australia Prepaid Card Consumer Usage Trends
- By Age Group
- By Income Group
- By Gender
Australia General Purpose Prepaid Card Market Size and Forecast
Australia Gift Card Market Size and Forecast
Gift Card Market Size and Forecast by Functional Attribute
- By Open Loop Gift Card
- By Closed Loop Gift Card
- By Retail Consumer Segment
- By Corporate Consumer Segment
Gift Card Market Share Analysis by Retail Categories
Gift Card Market Share Analysis by Gifting Occasion
Gift Card Market Share Analysis by Purchase Location
Australia Entertainment and Gaming Prepaid Card Market Size and Forecast
Australia Teen and Campus Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
- By Open Loop Teen and Campus Prepaid Card
- By Closed Loop Teen and Campus Prepaid Card
Australia Business and Administrative Expense Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Australia Payroll Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Australia Meal Prepaid Card Market Size and Forecast
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Australia Travel Forex Prepaid Card Market Size and Forecast
- By Retail
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Australia Transit and Tolls Prepaid Card Market Size and Forecast
Australia Healthcare and Wellness Prepaid Card Market Size and Forecast
Australia Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
Australia Fuel Prepaid Cards Market Size and Forecast
Australia Utilities, and Other Prepaid Cards Market Size and Forecast
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