Australia Prepaid Card and Digital Wallet Market Report 2022
The "Australia Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour,To get more news about
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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.
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.
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.
