The Cards and Payments Industry in Austria: Emerging Trends and Opportunities to 2020

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Date: 30-Dec-2016
No. of pages: 50
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The Cards and Payments Industry in Austria: Emerging trends and opportunities to 2020

Summary

Cash remains the preferred mode of consumer payments in Austria, accounting for 48.3% of the total transaction volume in 2016. This is primarily due to consumer preference for the convenience of cash, and the low acceptance of cards for small-value payments. However, the use of payment cards has increased since 2013, in line with the improving economy and a growing banked population. The frequency of use for payment cards in Austria was 70.6 in 2016 - higher than Luxembourg (63.8) and Greece (28.4), but lower than Switzerland (72.8), Belgium (81.8), Portugal (105.9), the Netherlands (127.1), and Ireland (137.9).

Austrian consumers have traditionally used debit cards as a preferred means of payment. Most Austrian consumers are banked and have at least one debit card, as highlighted by a debit card penetration of 1.5 cards per individual in 2016. With the European debt crisis and uncertain economic conditions, many Austrian consumers prefer to use debit cards for purchases, to keep expenses in check. A unique feature of Austrian debit cards is the Quick function, which allows Maestro card holders to load up to USUS$420.90 (EUR400) at any ATM or specific terminal, which is debited to the card holder's account.

Several banks in Austria are increasingly using digital channels to offer banking services to their customers. Erste Bank in September 2014 introduced a new service allowing

Austrian consumers to open bank accounts online. Individuals need not visit a branch, as customer identification is carried out through an online payment transfer from an existing account with an Austrian bank. Once approved, the account is activated within two working days.

The fast growing e-commerce market is in turn driving growth in Austria's payment cards market. E-commerce registered a CAGR of 12.71% during 2012-16, growing from US$5.4bn (EUR5.1bn) in 2012 to US$8.7bn (EUR8.3bn) in 2016. Conventional instruments - including payment cards - remain the preferred mode of payments for e-commerce transactions, accounting for 68.5% of the total e-commerce transaction value in 2016.

The report "The Cards and Payments Industry in Austria: Emerging trends and opportunities to 2020" report provides top-level market analysis, information and insights into the Austrian cards and payments industry.

In particular, this reports provides the following -

- 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.

Companies mentioned in this report: Raiffeisen Bank, Bank Austria, BAWAG PSK, Erste Group, Volksbank, Ober Bank, Visa, Mastercard, Diners Club, American Express.

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 Court's 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.

This report is available at 15% Discount for Single User License and 20% Discount for Corporate Users License till 01 September 2017. To avail discount please contact at +1-888-391-5441 / sales@rnrmarketresearch.com.

The Cards and Payments Industry in Austria: Emerging Trends and Opportunities to 2020

Table of Contents
1. EXECUTIVE SUMMARY 2
1.1. Market overview 2
1.2. Key facts 3
1.3. Top five industry events 4
2. PAYMENT INSTRUMENTS 10
2.1. Current payment environment 10
3. E-COMMERCE AND ALTERNATIVE PAYMENTS 12
3.1. E-commerce market analysis 12
3.2. Alternative payment solutions 13
3.2.1. PayPal 13
3.2.2. Sofort 13
3.2.3. Klarna 14
3.2.4. Paysafecard 14
3.2.5. Skrill 14
3.2.6. Seqr 15
3.2.7. Masterpass 15
4. REGULATIONS IN THE CARDS AND PAYMENTS INDUSTRY 16
4.1. Regulatory framework 16
4.1.1. SEPA cards framework 16
4.1.2. Interchange fee regulation 17
4.2. Anti-money laundering 17
4.3. Foreign direct investment (FDI) regulations 17
5. ANALYSIS OF CARDS AND PAYMENTS INDUSTRY DRIVERS 18
6. PAYMENT CARDS 21
7. DEBIT CARDS 23
7.1. Debit cards market analysis 23
7.2. Competition in the debit cards market 25
7.3. Debit card comparison 26
8. PAY-LATER CARDS 27
8.1. Pay-later cards market analysis 27
8.2. Competition in the pay-later cards market 29
8.3. Pay-later card comparison 30
9. PREPAID CARDS 31
10. APPENDIX 32
10.1. Abbreviations and acronyms 32
10.2. Supplementary data 33
10.3. Definitions 44
10.4. Methodology 46
10.5. Bibliography 48
10.6. Further reading 48

List of Tables
Table 1: Austria: key facts, 2016 3
Table 2: Austria: regional benchmarking of payment cards, 2016 3
Table 3: Austria: mode of entry of foreign banks 17
Table 4: Austria: debit card comparison and key features, 2016 26
Table 5: Austria: Gold credit cards comparison and key features, 2016 30
Table 6: Austria: Premium credit cards comparison and key features, 2016 30
Table 7: Austria: charge cards comparison and key features, 2016 30
Table 8: Austria: payment instrument transaction values (€bn), 2012-16 33
Table 9: Austria: payment instrument transaction values ($bn), 2012-16 33
Table 10: Austria: payment instrument transaction volumes (millions), 2012-16 33
Table 11: Austria: payment cards in circulation by type (millions), 2012-20f 33
Table 12: Austria: volume of payment card transactions (millions), 2012-20f 34
Table 13: Austria: value of payment card transactions (€bn), 2012-20f 34
Table 14: Austria: value of payment card transactions ($bn), 2012-20f 34
Table 15: Austria: debit cards in circulation (millions), 2012-20f 34
Table 16: Austria: debit card transaction volumes, 2012-20f 35
Table 17: Austria: debit card transaction values (€), 2012-20f 35
Table 18: Austria: debit card transaction values ($), 2012-20f 35
Table 19: Austria: debit cards in circulation by scheme (millions), 2012-16 36
Table 20: Austria: debit card transaction values by scheme (€bn), 2012-16 36
Table 21: Austria: debit card transaction values by scheme ($bn), 2012-16 36
Table 22: Austria: debit card transaction values by issuer (€bn), 2012-16 36
Table 23: Austria: debit card transaction values by issuer ($bn), 2012-16 36
Table 24: Austria: pay-later cards in circulation (millions), 2012-20f 37
Table 25: Austria: pay-later card transaction volumes, 2012-20f 37
Table 26: Austria: pay-later card transaction values (€), 2012-20f 37
Table 27: Austria: pay-later card transaction values ($), 2012-20f 37
Table 28: Austria: pay-later cards in circulation by scheme (000s), 2012-16 38
Table 29: Austria: pay-later card transaction values by scheme (€m), 2012-16 38
Table 30: Austria: pay-later card transaction values by scheme ($m), 2012-16 38
Table 31: Austria: pay-later card transaction values by issuer (€m), 2012-16 38
Table 32: Austria: pay-later card transaction values by issuer ($m), 2012-16 39
Table 33: Austria: credit cards in circulation (millions), 2012-20f 39
Table 34: Austria: credit card transaction volumes, 2012-20f 39
Table 35: Austria: credit card transaction values (€), 2012-20f 39
Table 36: Austria: credit card transaction values ($), 2012-20f 40
Table 37: Austria: credit cards in circulation by scheme (000s), 2012-16 40
Table 38: Austria: credit card transaction values by scheme (€m), 2012-16 40
Table 39: Austria: credit card transaction values by scheme ($m), 2012-16 40
Table 40: Austria: charge cards in circulation (000s), 2012-20f 41
Table 41: Austria: charge card transaction volumes, 2012-20f 41
Table 42: Austria: charge card transaction values (€), 2012-20f 41
Table 43: Austria: charge card transaction values ($), 2012-20f 41
Table 44: Austria: charge cards in circulation by scheme (000s), 2012-16 42
Table 45: Austria: charge card transaction values by scheme (€bn), 2012-16 42
Table 46: Austria: charge card transaction values by scheme ($bn), 2012-16 42
Table 47: Austria: prepaid cards in circulation (millions), 2012-20f 42
Table 48: Austria: prepaid card transaction values (€m), 2012-20f 42
Table 49: Austria: prepaid card transaction values ($m), 2012-20f 43
Table 50: Key definitions 44

List of Figures
Figure 1: Austria: payment instrument shares by transaction value (%), 2012 vs 2016 10
Figure 2: Austria: payment instrument shares by transaction volume (%), 2012 vs 2016 11
Figure 3: Austria: e-commerce value 12
Figure 4: Austria: population and economic indicators 18
Figure 5: Austria: ATMs, POS terminals, and household consumption 19
Figure 6: Austria: payment cards transaction value and cards in circulation, 2012-20f 21
Figure 7: Austria: debit card penetration and turnover per card 23
Figure 8: Austria: debit card scheme and issuer transaction value share, 2016 25
Figure 9: Austria: pay-later card penetration and turnover per card 27
Figure 10: Austria: pay-later cards scheme and issuer transaction value share, 2016 29
Figure 11: Austria: prepaid cards in circulation and transaction value, 2012-20f 31
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