Australia Prepaid Card and Digital Wallet Markets Report 2022-2026 Featuring Wesfarmers, Woolworths, Metcash, Aldi, Harvey Norman, JB Hi-Fi, & Apple

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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

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