Banking, Financial Services & Insurance

The Cards and Payments Industry in Austria : Emerging trends and opportunities to 2020

  • GLO1264854
  • 50 Pages
  • August 2017
  • Banking, Financial Services & Insurance
The Cards and Payments Industry in Austria: Emerging trends and opportunities to 2020

Summary

GlobalDatas "The Cards and Payments Industry in Austria: Emerging trends and opportunities to 2020", report provides detailed analysis of market trends in the Austrian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, cheques, cash, payment cards and direct debit during the review period (2012-2016).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review period and over the forecast period (2016-2020). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together GlobalDatas research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

The report provides top-level market analysis, information and insights into the Austrian cards and payments industry, including -
- Current and forecast values for each market in the Austrian cards and payments industry, including debit, credit and charge cards.
- Detailed insights into payment instruments including credit transfers, cheques, cash, direct debit and payment cards. It also, includes an overview of the country's key alternative payment instruments.
- E-commerce market analysis and payment methods.
- Analysis of various market drivers and regulations governing the Austrian cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.

Scope

- Contactless payments are gaining prominence in Austria, with all major banks in the country - including Erste Bank, BAWAG PSK, and Volksbank - offering cards with contactless functionality. Overall, the number of contactless cards in the country rose from 3 million in 2013 to 12 million in 2016, and is expected to reach 16 million by 2020. In addition, contactless mobile payments (m-payments) are also gaining prominence. In June 2016, Erste Bank launched a range of NFC payments in the country. Users can make payments using enabled wristbands, stickers, or mobile apps launched by the bank. In addition to in-store payments, the method can be used to withdraw cash at NFC-enabled ATMs.
- The Austrian Supreme Court made one-off loan-processing fees lawful in June 2016, allowing banks to include processing fees, payments, and commissions which must be paid by borrowers in addition to the principal loan amount. This fee depends on the total loan amount rather than the actual expenses incurred in processing a loan, which is sometimes inconvenient for consumers. Charging a one-off loan-processing fee is a common practice that has been applied by banks for decades in Austria, and the Supreme Courts ruling will further encourage banks to continue this exercise. This may lead consumers to look for other low-cost borrowing options such as credit cards.
- The uptake of alternative payments is gradually increasing in Austria, with the availability of various payment solutions. The latest is the launch of the Seqr mobile payment app in July 2016, which enables consumers to make online and retail purchases using Quick Response (QR) codes. In August 2015, PayPal expanded its One Touch instant checkout service to Austria, which can be activated from the PayPal website and can be used to skip the login process at eligible websites to accelerate the payment process. Other alternative payment solutions, such as Sofort, Klarna, Paysafecard, and Skrill, are also available in Austria.

Reasons to buy

- Make strategic business decisions, using top-level historic and forecast market data, related to the Austrian cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Austrian cards and payments industry.
- Assess the competitive dynamics in the Austrian cards and payments industry.
- Gain insights into marketing strategies used for various card types in Austria.
- Gain insights into key regulations governing the Austrian cards and payments industry.
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