The Australian payment card market registered a slowdown in 2020 due to the pandemic which reduced consumer and commercial spending
GlobalData has found that the value of card payments in Australia is estimated to register a subdued growth of 1.9% in 2020 against the previous estimate of 5.3%.
Nevertheless, with the gradual recovery of the economy, the growth is expected to improve over the forecast period increasing at a CAGR of 5.7% between 2020 and 2024 to reach $613.6 billion in 2024.
The report states that Australia is one of the most developed contactless card markets with the majority of the consumers using contactless cards. Due to the pandemic, the use of contactless cards is on the rise as even smaller merchants are now insisting on non-cash and contactless payments. To encourage the shift away from cash, the limit for contactless card payment was temporarily increased from $70.30 to $140.59 effective April 2020.
We’ve reported that Mastercard teamed up with FrenchSys, the e-payment solutions provider to accelerate e-payments across France.