Australia Cards and Payments – Opportunities and Risks to 2027

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Australia Cards and Payments Market Report Overview

The Australia cards and payments market size is $681.7 billion in 2023. The market is expected to achieve a CAGR of more than 7% during 2023-2027. Australians are very comfortable using debit, credit, and charge cards for payments.  Furthermore, growth in the payments space has been characterized by the rise of contactless payments, growth in debit card usage, and the emergence of digital wallets. Since consumers now have more payment choices, particularly for low-value purchases, there has been a decline in cash use.

Australia Cards and Payments Market Outlook, 2023-2027 ($ Billion)

Australia Cards and Payments Market Outlook, 2023-2027 ($ Billion)

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The Australia Cards and Payments market research report provides a detailed analysis of market trends in the Australian cards and payments industry. It provides values and volumes for several key performance indicators in the industry including cards, credit transfer, cash, 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. The report covers detailed regulatory policy and recent changes in the regulatory structure.

Market Size (2023) $681.7 billion
CAGR (2023-2027) >7%
Forecast Period 2023-2027
Historical Period 2019-2022
Key Payment Instruments ·       Cards

·       Cash

·       Credit Transfers

·       Direct Debits

·       Cheques

Key Segments ·       Card-Based Payments

·       E-commerce Payments

·       In-Store Payments

·       Buy Now Pay Later

·       Mobile Payments

·       P2P Payments

·       Bill Payments

·       Alternative Payments

Leading Players ·       CommBank

·       Westpac

·       NAB

·       ANZ

·       Bendigo and Adelaide Bank

·       Credit unions and building societies

·       Suncorp

·       Bank of Queensland

·       Heritage Bank

·       HSBC

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Australia Cards and Payments Market Dynamics

Contactless payments are increasingly being rolled out for transport. Moreover, fintech companies are making their presence felt in the payment card space along with traditional card issuers. To capitalize on the growing e-commerce market, international companies are launching their services in Australia and online shopping methods such as livestream shopping are emerging.

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Australia Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the Australia cards and payments market are cards, cash, credit transfers, direct debits, and cheques. In 2023, cards lead the way in terms of transaction volume. Continuous investment in payment infrastructure by the government and financial institutions, growing adoption of contactless payments, and interchange fee caps have boosted payment card market growth. The advent of digital-only banks will further encourage card use in the coming years.

Australia Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

Australia Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

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Australia Cards and Payments Market Segments

The key segments in the Australia cards and payments market are card-based payments, e-commerce payments, in-store payments, Buy Now Pay Later, mobile payments, P2P payments, bill payments, and alternative payments.

E-commerce Payments: Growth in the e-commerce market was supported by the rapid adoption of smartphones, growing internet penetration, the availability of secure online payment systems, and the increasing number of online shoppers. The popularity of online shopping events such as Black Friday and Cyber Monday has also driven e-commerce growth.

E-commerce Market Analysis by Segments, 2023 (%)

E-commerce Market Analysis by Segments, 2023 (%)

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Australia Cards and Payments Market - Competitive Landscape

Some of the leading players in the Australia cards and payments market are CommBank, Westpac, NAB, ANZ, Bendigo and Adelaide Bank, Credit unions and building societies, Suncorp, Bank of Queensland, Heritage Bank, and HSBC.

Australia Cards and Payments Market Analysis by Players, 2023

Australia Cards and Payments Market Analysis by Players, 2023

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Segments Covered in the Report

Australia Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)

  • Cards
  • Cash
  • Credit Transfers
  • Direct Debits
  • Cheques

Australia Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)

  • Card-Based Payments
  • E-commerce Payments
  • In-Store Payments
  • Buy Now Pay Later
  • Mobile Payments
  • P2P Payments
  • Bill Payments
  • Alternative Payments

Scope

This report provides:

  • Top-level market analysis, information, and insights into the Australian cards and payments industry.
  • Current and forecast values for each market in the Australian cards and payments industry, including debit, credit, and charge cards.
  • Detailed insights into payment instruments including cards, cash, 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 the Australian 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 the Australian cards and payments industry.

Reasons to Buy

  • Make strategic business decisions, using top-level historic and forecast market data, related to the Australian cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the Australian cards and payments industry.
  • Assess the competitive dynamics in the Australian cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Australia.
  • Gain insights into key regulations governing the Australian cards and payments industry.

CommBank
Westpac
NAB
ANZ
Bendigo and Adelaide Bank
Credit unions and building societies
Suncorp
Bank of Queensland
Heritage Bank
HSBC
Citibank
Bendigo and Adelaide Bank
Mastercard
eftpos
Visa
American Express
Diners Club

Table of Contents

Market Overview

Payment Instruments

Card-Based Payments

Merchant Acquiring

Ecommerce Payments

In-Store Payments

Buy Now Pay Later

Mobile Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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