Austria Cards and Payments – Opportunities and Risks to 2027
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Austria Cards and Payments Market Report Overview
The Austria cards and payments market size was valued at $79.1 billion in 2023 and is expected to achieve a CAGR of more than 8% during 2023-2027. Cash remains the preferred payment instrument in Austria. However, the use of payment cards has been growing in line with rising awareness of electronic payments. The entry of Austrian Post, as well as digital-only banks into the banking space, further propelled debit card adoption and usage. Debit cards are the most popular card type and are increasingly being used for payments, as consumers are gradually switching to debit cards for low-value transactions. This has been supported by an increased contactless payment limit.
Austria Cards and Payments Market Outlook, 2023-2027 ($ Billion)
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The Austria cards and payments market research report provides a detailed analysis of market trends in Austria’s cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry including cash, cards, credit transfers, direct debits, and cheques during the review-period. 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. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.
Market Size (2023) | $79.1 billion |
CAGR | >8% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Payment Instruments | · Cash
· Cards · Credit Transfers · Direct Debits · Cheques |
Key Segments | · Card-Based Payments
· E-commerce Payments · Alternative Payments |
Leading Players | · Raiffeisen Bank
· Erste Bank · BAWAG PSK · UniCredit Bank · Volksbank · Oberbank · Diners Club · Mastercard · Visa · American Express |
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Austria Cards and Payments Market Dynamics
COVID-19 has resulted in a significant shift in consumer preference toward cashless methods of payment in Austria, despite the country being a cash-dominated society. In March 2023, Mastercard partnered with Austrian Bundesliga football club LASK to launch a cashless payment solution in LASK Raiffeisen Arena, allowing fans to make payments using cards, smartphones, and wearables.
In addition to traditional card issuers, digital-only banks are also making their mark in the country’s payment card space. In October 2021, UK-based fintech company Revolut started operating as a bank in Austria. The company offers a wide range of products and services, including euro-denominated bank accounts, debit cards, and P2P payments.
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Austria Cards and Payments Market Segmentation by Payment Instruments
The key payment instruments in the Austria cards and payments market are cash, cards, credit transfers, direct debits, and cheques. In 2023, cash is the major payment instrument by transaction volume and is largely used for low-value payments. However, the emergence of contactless technology has gradually pushed Austrian consumers to adopt payment cards for low-value transactions, thereby reducing the use of cash.
Austria Cards and Payments Market Analysis by Payment Instruments, 2023 (%)
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Austria Cards and Payments Market Segments
The key segments in the Austria cards and payments market are card-based payments, e-commerce payments, and alternative payments.
Card-based Payments: The growing consumer preference for card payments and digital banking, expanding payments infrastructure, and the growing e-commerce market will result in electronic payments further displacing cash transactions over 2023e–27. Debit cards, credit cards, and charge cards are in use in the market.
Debit cards dominate the card payment space in Austria, driven by a strong banked population and high financial awareness. The proliferation of digital-only banks is complementing traditional banks, further pushing debit card adoption in the country.
Payment Cards Analysis by Segments, 2023 (%)
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Austria Cards and Payments Market - Competitive Landscape
The leading players in the Austria cards and payments market are Raiffeisen Bank, Erste Bank, BAWAG PSK, UniCredit Bank, Volksbank, Oberbank, Diners Club, Mastercard, Visa, and American Express among others.
Segments Covered in the Report
Austria Cards and Payments Instruments Outlook (Value, $ Billion, 2018-2027)
- Cash
- Cards
- Credit Transfers
- Direct Debits
- Cheques
Austria Cards and Payments Market Segments Outlook (Value, $ Billion, 2018-2027)
- Card-Based Payments
- E-commerce Payments
- Alternative Payments
Scope
This report provides:
- Top-level market analysis, information, and insights into Austria’s cards and payments industry
- Current and forecast values for each market in Austria’s cards and payments industry, including debit, credit, and charge cards.
- Detailed insights into payment instruments including cash, cards, credit transfers, direct debits and cheques. It also includes an overview of the country’s key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing Austrian cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of Austria’s cards and payments industry.
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.
Erste Bank
BAWAG PSK
UniCredit Bank
Volksbank
Oberbank
Diners Club
Mastercard
Visa
American Express
Table of Contents
Frequently asked questions
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What was the Austria cards and payments market size in 2023?
The cards and payments market size in Austria was valued at $79.1 billion in 2023.
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What is the Austria cards and payments market growth rate?
The cards and payments market in Austria is expected to achieve a CAGR of more than 8% during 2023-2027.
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Which is the leading payment instrument in the Austria cards and payments market in 2023?
Cash is the leading payment instrument in terms of volume transactions in the Austrian cards and payments market.
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Who are the leading players in the Austria cards and payments market?
Some of the leading players in the Austria cards and payments market are Raiffeisen Bank, Erste Bank, BAWAG PSK, UniCredit Bank, Volksbank, Oberbank, Diners Club, Mastercard, Visa, and American Express.
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