Australia Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend

Australia Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend

Report Description

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. For instance,
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.
PayNXT360 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. For instance,
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. PayNXT360 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.

According to PayNXT360, 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.

This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics in Australia. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.
Market dynamics: Provides a comprehensive view on size and structure, industry dynamics, market trends, consumer attitude and behaviour, and competitive landscape in prepaid card and digital wallet industry in Australia.
Digital wallet segments: Provides value, volume and average value per transaction across 5 key spend categories in digital wallet. This includes retail, travel, entertainment and gaming, restaurant, and recharge and bill payment.
Open loop and closed loop prepaid cards: market estimates and forecasts to assess opportunities 13 open loop and closed loop prepaid market segments. Details four essential KPIs – number of cards in circulation, number of transactions, load value, and value of transactions.
Consumer attitude and behaviour: Drawing from proprietary survey results, this report identifies and interprets key prepaid KPIs, including spend by age, gender, and income level.
Retail spend: Breaks down retail spend across 11 categories to provide detailed insights on consumer behaviour and changing dynamics of prepaid card spend.

Scope

This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics in Australia. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.

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, 2016 – 2025

Market Share Analysis by Prepaid Card Categories

Australia Open Loop Prepaid Card Future Growth Dynamics, 2016 – 2025
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Number of Cards

Australia Closed Loop Prepaid Card Future Growth Dynamics, 2016 – 2025
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
Gift Card Market Size and Forecast by Consumer Segments
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
Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments
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
Payroll Prepaid Card Market Size and Forecast by Consumer Segments
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
Meal Prepaid Card Market Size and Forecast by Consumer Segments
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
Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments
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

Reasons to buy
In-depth understanding of prepaid card and digital wallet market dynamics: Understand market opportunity, industry dynamics, key trends and drivers across 75+ market segments and sub-segments of prepaid payment instrument in Australia.
Develop market specific strategies: Identify growth segments and target specific opportunities to formulate your prepaid card and digital wallet strategy; assess market specific key trends, drivers and risks in the industry.
Get insights into consumer attitude and behaviour: Understand changing consumer attitude and behaviour and boost ROI. Get detailed insights into retail spend through prepaid cards and digital wallets.