Market Trends of Australia Gift Card and Incentive Card Industry
This section covers the major market trends shaping the Australia Gift Card & Incentive Card Market according to our research experts:
Rising Digital Wallet Adoption in Australia is Driving the Market
Australians are increasingly abandoning traditional banking and payment methods in favor of digital alternatives, working from home will always be more prevalent in the workforce, and they have shifted away from using cash, increasing card and technology payments and the existing trend of doing banking online rather than in a branch continuous.
Overall, one by third of Australians with a smartphone now use digital wallets like Apple Pay, Google Pay, and Samsung Pay to make payments, a rate that has more than doubled since the previous year. This increase has likely been helped in recent years by the rising number of Australian banks that provide digital wallet integration, with nearly ninety percent of the transaction accounts being tracked in the Mozo database now offering at least one digital wallet option.
Increasing Partnerships Between Banks and Gift Card Providers Boost the Market
With the rise in customer demand for efficient and innovative gift card solutions in Australia, banking players are trying to enter the space through strategic investment and partnerships. Recently Heritage bank partnered with Blackhawk Network to support its extensive gift card portfolio in Australia, while the Commonwealth Bank partnered with Industry disruptor Karta to issue simplified gift cards. Apple pay is collaborated with major banks in Australia to offer services.
These partnerships can reimagine the shopping experiences for Australians, simplifying the purchase, delivery, and use of gift cards and enabling more businesses to participate in this market will enable customers to better support businesses.
