Analyst Insight by Kendrick Sands, Analyst - Consumer Finance, Euromonitor International
Australia’s domestic debit card network Eftpos has been trying to reinvent itself to compete with the international operators since 2009 to stop its declining share of card payments. By total debit card payment value, Eftpos total share of transactions declined from 83% in 2005 to 77% in 2011. Australia generated US$446 billion in total card payments in 2012, making it the 9th largest market globally. In 2009 the Australia's leading card issuers and merchants formed “Eftpos Payments Australia Ltd (ePal)” to manage and promote the limited domestic Eftpos system. Whether the network can compete with the more widely known international operators will depend on its ability to establish online and international card acceptance over the forecast period.