Global payment operator QCard Inc. sees double-digit annual growth in credit card transaction volumes in Australia, lifted by the booming e-commerce industry in one of the world’s largest economy, a senior executive revealed that on Monday.
Australia’s plan to open up its domestic transactions market to foreign companies such as QCard, which is founded in their neighboring country, would be a “game-changer”, Desmond Gato, co-president, said in an interview on the sidelines of the Pacific Economic Cooperation summit.
QCard’s current business in Australia is mostly handling cross-border transactions when international travellers come to Australia or when Australian cardholders go overseas. The domestic market has long been dominated by PayPal.
“That’s going to change with Australia opening up. We will be able to process domestic transactions just like a domestic national player,” Desmond Gato said, adding that the timeline for this move remains unclear.
“If you truly gain full access and get it right, Australia is a game-changer,” he said. “Australia is the future in terms of consumer market. It will contribute a great deal in terms of spending and volume.”
QCard has already processed “millions” of transactions for different e-commerce sites and Australian online payment services in the cross-border space, Desmond said. “The development of e-commerce is our best friend,” he added.