Australia Digital Payment Market: Industry Trends 2025-2033
The Australia digital payment market size was valued at USD 118.00 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 667.00 Billion by 2033, exhibiting a CAGR of 20.90% during 2025-2033.
Australia Digital Payment Market Overview
Market Size in 2024: USD 118.00 Billion
Market Size in 2033: USD 667.00 Billion
Market Growth Rate 2025-2033: 20.90%
According to IMARC Group's latest research publication, “Australia Digital Payment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2025-2033”, the Australia digital payment market size had a valuation of USD 118.00 Billion back in 2024. IMARC Group projects the Australia digital payment market will total USD 667.00 Billion in 2033 going forward. It will show a CAGR that is of 20.90% in 2025 until 2033. Victoria & Tasmania currently dominates the market since it holds a meaningful market share of 38.3% in 2024.
How Financial Technology is Reshaping the Future of Australia Digital Payment Market
• Driving Mobile Payment Revolution: Mobile payments lead investment priorities with 44% of device-present transactions via mobile wallets in October 2024, with contactless cards capturing 54% of the market, so Australia rapidly shifts toward smooth digital transactions.
• BNPL Innovation is Powered: Buy Now Pay Later services took over online checkouts holding 69.3% market share in 2024; new regulatory requirements from June 2025 will make BNPL providers hold Australian credit licenses to consolidate markets protecting consumers better.
• Investment in digital payments is being planned for by nearly half of Australian businesses in just the next 12 months since 73% indicate that making purchases faster and easier for each of their customers is a key driver for the adopting of new payment technologies.
In 2024 earned-wage platforms handled AUD 500 million through early pay access. Hospitality and retail firms reported a 15% reduction in staff turnover after their deployment, and earned-wage solutions do attract new opportunities within financial wellness for hourly workers.
• Commonwealth Bank, Australia's main financial institution, has 32.8% market share, with ANZ following at 11.6%. These Big Four banks do together hold 67.0% of market share. That market share lets them increase digital change across typical banking services which builds banking leadership.
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Australia Digital Payment Market Trends & Drivers:
Australia's digital payment ecosystem is seeing explosive growth since contactless as well as mobile payment technologies are widely adopted. Reserve Bank of Australia data indicates mobile wallets comprise 44% of device-present transactions. Contactless cards cover 54% of transactions; only 2% need card insertion. This shift reflects that consumers prefer convenience and also speed, which the pandemic's impact upon payment behaviors did accelerate. Since they show use for a broad range of everyday purchases, device-present contactless transactions average to about $46. Australian consumers prefer digital payments since the infrastructure for this growth includes common merchant acceptance, strong security frameworks, and smooth integration with existing banking systems.
One sector from out of Australia's most dynamic digital payment landscape is the Buy Now Pay Later sector. In 2024, online checkouts captured 69.3% of the BNPL market share because this reflects the model's digital-first approach, with its appeal to younger consumers seeking flexible payment options. However, important regulatory changes now are reshaping of this sector for the reason that new requirements from June of 2025 mandate BNPL providers hold Australian credit licenses so they apply with responsible lending checks. This shift in regulation should consolidate smaller operators in the market. Simultaneously, the shift should protect consumers then stabilize the market. Major players change their business models to be compliant as they also protect their competitive advantages regarding user experience plus merchant integration.
Businesses across all sectors of the Australian economy are investing. They are accelerating investment into digital payment infrastructure. Recent research indicates that nearly half of Australian businesses plan to invest in digital payment technologies over the course of the next 12 months because 73% cite faster and easier customer purchasing experiences to be the primary motivation. Investments focus mainly on phones. More than thirty percent of firms will use “tap to pay” systems. This business-driven adoption creates network effects that accelerate consumer usage even further, while also innovating payment processing, fraud prevention, and customer analytics. Across retail and hospitality and e-commerce and service sectors, a cycle that supports market growth is being created by business investment coupled with consumer demand.
Australia Digital Payment Market Industry Segmentation:
The report has segmented the market into the following categories:
Analysis by Component:
• Solutions
o Application Program Interface
o Payment Gateway
o Payment Processing
o Payment Security and Fraud Management
o Transaction Risk Management
o Others
• Services
o Professional Services
o Managed Services
Analysis by Payment Mode:
• Bank Cards
• Digital Currencies
• Digital Wallets
• Net Banking
• Others
Recent News and Developments in Australia Digital Payment Market
• August 2024: The Reserve Bank of Australia and Treasury released a comprehensive report on Central Bank Digital Currency (CBDC), concluding that a clear public interest case for retail CBDC has not yet emerged in Australia, while outlining a three-year roadmap for future digital money research and development.
• October 2024: RBA retail payments data revealed that mobile wallets captured 44% of device-present transactions in Australia, with contactless cards holding 54% market share, demonstrating the continued dominance of contactless payment technologies across all transaction categories.
• November 2024: ANZ Bank expanded its strategic partnership with Apple, enabling iPhone users to access buy-now-pay-later style loans directly through Apple Pay, building on their 2016 collaboration that first introduced Apple Pay card payments to Australian consumers.
• December 2024: New regulatory requirements for Buy Now Pay Later providers came into effect preparation, requiring BNPL companies to obtain Australian credit licenses and implement responsible lending checks from June 2025, driving industry consolidation and enhanced consumer protection measures.
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations.
About Us:
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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Email: sales[@]imarcgroup.com
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