2.4% CAGR for Australian payments cards market
The Research and markets report titled ‘Australia Cards and Payments Market Growth & Forecast to 2020’ predicts the Australian payment cards market to grow at 2.4% CAGR through 2020. In terms of number of cards in circulation, this market grew at 4.1% CAGR during 2012-2014. The credit card in circulation is expected to grow at 1.6% CAGR. Rising banked population, growing disposable incomes, the expansion of ATMS and POS terminals and greater acceptance of payment cards in Australia will generate growth in the analysis period. Credit cards in Australia are primarily used by consumers at POS terminals for retail purchases rather than for cash withdrawals at ATMS. The frequency of credit card is expected to reach upto 109.8 times by 2020.