Cashless credit: Rapid innovation and adoption of digital payment methods slowing industry growth
The Credit Card Processing industry has grown over the past five years. Consumers have been increasingly shifting away from credit cards towards debit cards and other payment methods, which has limited industry turnover as debit cards have lower merchant fee rates than credit cards. However, rising transaction volumes have benefited processors' turnover despite gradual declines in merchant fees. Moreover, the industry has continued to benefit from Australia's rapid adoption of non-cash and contactless payment technology. Overall, industry revenue is expected to rise at an annualised 2.7% over the five years through 2022-23, to $6.2 billion.
The industry provides authorisation, clearance and settlement services for payments between financial institutions involved in transactions conducted by cardholders and merchants.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Visa Inc.
- American Express Australia Limited
- Mastercard Inc
Methodology
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