The Australian proximity payment market is one of the most dynamic among the worlds developed economies. The payment cards sector, however, has reached maturity with very little room for significant growth. Contactless payments have so far been very well received, with mobile proximity still at a very early stage of development.
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How has the Australian proximity payments market developed in the last year and what can be expected in the future?
How do Australian consumers use their payment tools, and how has this changed in recent years?
How extensive are mobile and contactless payments and where does future growth lie?
What impact is regulatory change having on the Australian payments sector, and how will it likely affect future market development?
The Australian payment card market grew robustly over the five years to 2012 but has displayed signs of limited growth overall in terms of debit, credit, and charge cards. Charge cards are expected to record the strongest growth between 2013 and 2017 due to a lower penetration and the increasing availability of "dual card" products.
Australia has one of the world's highest proportions of contactless payment cards in circulation. By 2016, three quarters of all payment cards in Australia are expected to be contactless-enabled. This rapid rise will be driven by growth in the number of acceptance points and increasing consumer uptake.