Dallas, Texas (PRWEB) November 07, 2012
The Australian cards and payments market registered marginal growth during the review period (20072011), with a recorded rate of 6.8% in 2011 over figures from 2010. A positive economic outlook, a need for more sophisticated prepaid and charge cards, the growth of online and mobile shopping, and the growing demand for prepaid products, all combined to support the overall growth of the market. During the review period, the cards and payments industry in Australia increased in volume at a CAGR of 7.6% to reach 99.3 million cards in 2011. In value terms, the Australian cards and payments market valued AUD517.1 billion (US$ 590.1 billion) in 2011. As consumers increasingly move from using cash to card as a method of payment, card payments are expected to deliver strong growth over the forecast period.
The card market in China exhibited double digit growth both in value and volume terms during the review period. The debit card market grew at a CAGR of 17.27% during the review period in value terms. In volume terms the growth was even significant and was 47.6%. Similarly the credit card market grew at a CAGR of 34.1% in volume terms during the review period. In value terms the market grew by 60.0%. Both the debit and credit card market are expected to grow positively in value and volume terms during the forecast period. A notable tendency in the card market is that consumers use credit and debit cards for making high-value transactions. This has generated a massive growth in value terms both in the debit and credit card segments. Debit and credit cards are expected to be used for effecting high-value transactions in the forecast period. The debit card and credit card market in China is expected to grow at a CAGR of 47.6% and 60% respectively in value terms during the forecast period.
The Russian cards and payments market demonstrated significant growth during the review period (20072011). The market in volume terms grew at a compound annual growth rate (CAGR) of 17.9% to reach 200.2 million cards in 2011. Key growth drivers include increased annual disposable income, the development of online shopping, investment in the banking infrastructure and raised consumer awareness about the benefits of using payment cards. The Russian cards and payments market size in terms of volume is expected to grow at a CAGR of 5.4% over the forecast period (20122016), to reach 266.5 million in 2016. In 2010, the Bank of Russia continued its work with credit institutions and other organizations that operate payment systems and provide payment infrastructure services, with a view to developing the national system in line with international standards. The primary objective of the Bank of Russia is to develop and improve its payment system to minimize associated risks whilst ensuring its efficient and smooth operation. As part of a new national payment system, the Ministry for Economic Development has approved a plan to launch the Universal Electronic Card (UEC) for all citizens in Russia.
These research reports provide market analysis, information and insights into individual countrys cards and payments market, including:
Cards and Payments Market: Australia, China & Russian Market Size, Emerging Opportunities, Trends & Competitive Landscape Analysis
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