Industry Analysis & Industry Trends
The Credit Card Issuance industry performed relatively well over the past decade, underpinned by the willingness of households and businesses to take on debt, despite turbulent economic conditions. Prior to the financial crisis, credit card use surged, underpinned by robust economic conditions and a credit boom.
The onset of the financial crisis had a major influence on the industry, with the sudden collapse of financial markets and predictions of a global recession leading consumers to increase savings and attempt to pay down debt. Since then, growth in transaction volumes, balances outstanding and the number of credit card accounts has fallen sharply. During 2012-13, the industry is forecast to grow by... purchase to read more
Industry Report - Industry Key Buyers Chapter
The market share concentration of the Credit Card Issuance industry in Australia is high, with the four largest players accounting for more than 75% of the market. The industry is dominated by the four major banks: Commonwealth Bank of Australia, ANZ Bank, Westpac Banking Corporation and National Bank of Australia.
The level of concentration in this industry rose over the past five years. The financial crisis accelerated the pace of concentration as it forced the hand of many lenders to undergo merger and acquisition activity.
Since the emergence of the crisis, the industry has undergone drastic structural changes following the merger of Westpac and St. George, Australia's fifth-largest bank at the time... purchase to read more