Australia Fintech Market Report by Deployment Mode (Cloud, On-Premises), Technology (Application Programming Interface (API), Artificial Intelligence (AI), Blockchain, Data Analytics, Robotic Process Automation (RPA), and Others), Application (Payments and Fund Transfer, Loans, Insurance and Personal Finance, Wealth Management, and Others), End User (Banking, Insurance, Securities, and Others), and State 2024-2032

Australia Fintech Market Report by Deployment Mode (Cloud, On-Premises), Technology (Application Programming Interface (API), Artificial Intelligence (AI), Blockchain, Data Analytics, Robotic Process Automation (RPA), and Others), Application (Payments and Fund Transfer, Loans, Insurance and Personal Finance, Wealth Management, and Others), End User (Banking, Insurance, Securities, and Others), and State 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A6065
Year End sale Buy Now

Market Overview:

The Australia fintech market size reached USD 2.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 20.0 Billion by 2032, exhibiting a growth rate (CAGR) of 24.71% during 2024-2032. The market growth is primarily driven by the considerable rise in the adoption of digital payments, the increasing popularity of BNPL services among younger consumers seeking flexible payment options, and the growing adoption of RegTech solutions to automate compliance and fraud detection processes.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
USD 2.8 Billion
Market Forecast in 2032
USD 20.0 Billion
Market Growth Rate 2024-2032 24.71%


Fintech, also known as financial technology, refers to software that enhances or automates financial services and processes. It utilizes specialized software and algorithms to help business owners, companies, and consumers manage their finances using a computer or a smartphone. Fintech employ several technologies, including application programming interface (API), artificial intelligence (AI), blockchain, robotic process automation (RPA), and data analytics. It is widely adopted in the banking, financial services, and insurance (BFSI) sector for payments and fund transfers, loans, insurance, personal finance, wealth management, etc.

Australia Fintech Market Trends:

Considerable growth in Digital Payment

The Australia fintech market share is experiencing significant growth in digital payments as consumers move away from cash towards digital transactions. The rise in popularity is caused by more smartphones being used, improvements in mobile banking, and the increase in use of contactless payment options. As per Statista, the amount of mobile phone users in Australia has been consistently growing. By 2026, it is predicted that the number of smartphone users will increase from 19.9 million in 2017 to 23.6 million, a rise of 3.7 million. Government endorsement for open banking and digital wallets is continuing to speed up this change. Payment platforms are placing emphasis on improved security and smooth integration to meet consumer expectations for ease and efficiency. As the digital payment industry grows, conventional banks are embracing fintech solutions to remain competitive, resulting in new partnerships and advancements in the field.

Increasing Popularity of Buy Now, Pay Later (BNPL) Services

BNPL services are gaining immense popularity among the masses, changing how consumers manage their expenditure. Information gathered by the Reserve Bank of Australia from a cross-section of BNPL providers shows that BNPL transactions have shown ongoing growth in the past year. The volume of these transactions increased by about 13% in 2022/23, which was lower than the 37% growth seen in 2021/22. During 2022/23, BNPL transactions totaled approximately $19 billion, representing about 2% of all cards purchases in Australia. Fintech firms are taking advantage of the trend among younger generations to prefer flexible payment options, meeting this demand with interest-free instalment plans, which is creating a positive Australia fintech market outlook. Major retailers and e-commerce platforms are currently integrating BNPL into their payment options because of its increasing popularity. The regulatory environment is changing, emphasizing responsible lending practices to support sustainable growth in the BNPL sector. Due to the growing competition, providers are broadening their service offerings to retain customers through loyalty programs and personalized financial products.

Rise in the popularity of Regulatory Technology (RegTech) Advancements

There is growing emphasis on the adoption of regulatory technology (Regtech) solutions in order to streamline compliance processes and reduce operational costs. As per the Australia fintech market forecast, fintech firms across the country are developing artificial intelligence (AI) and machine learning (ML) tools to automate activities such as fraud detection, reporting, and risk management in response to stringent regulations within the financial industry. Regulatory technology (RegTech) to help companies comply with regulations more efficiently, are being increasingly embraced by both traditional firms and new businesses in an effort to improve transparency and regulatory adherence. As a result, the rising demand for efficient, scalable solutions is positioning RegTech as a key driver in the Australian fintech industry and is expected to continue.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Australia fintech market report, along with forecasts at the country and regional level from 2024-2032. Our report has categorized the market based on deployment mode, technology, application and end-user.

Breakup by Deployment Mode:

  • Cloud
  • On-Premises
     

Breakup by Technology:

  • Application Programming Interface (API)
  • Artificial Intelligence (AI)
  • Blockchain
  • Data Analytics
  • Robotic Process Automation (RPA)
  • Others
     

Breakup by Application:

  • Payments and Fund Transfer
  • Loans
  • Insurance and Personal Finance
  • Wealth Management
  • Others
     

Breakup by End-User:

  • Banking
  • Insurance
  • Securities
  • Others
     

Breakup by States:

  • New South Wales
  • Victoria
  • Queensland
  • Western Australia
  • South Australia
  • Tasmania
  • Others

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the Australia fintech market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include:

  • Afterpay
  • Airwallex Pty Ltd
  • Athena Mortgage Pty Ltd
  • Divipay Pty Ltd
  • Judo Bank Pty Ltd (Judo Capital Holdings)
  • mx51 Pty Ltd
  • PTRN Pty Ltd
  • Stripe Inc.
  • Wise Australia Pty Ltd
  • Zeller Australia Pty Ltd.
     

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Australia Fintech Market News:

  • November 17, 2023: Indonesian payment gateway Faspay and Australian remittance company EzyRemit entered a collaboration, aiming to enhance cross-border transactions between Australia and Indonesia by developing a holistic financial ecosystem. The collaboration aims to combine Faspay's digital payment knowledge with EzyRemit's global money transfer skills for secure, cost-effective, and convenient transactions. The Memorandum of Understanding was signed at the Singapore Fintech Festival 2023 to formalize the agreement and streamline the global payment process.
  • August 28, 2023: Banking Circle Group introduced BC Payments, its licensed subsidiary in Australia, to assist fintechs in their global expansion efforts. BC Payments seeks to offer worldwide payment solutions to Australian fintech companies, payment companies, and banks to facilitate growth both domestically and internationally. BC Payments aims to reduce expenses and accelerate international payments for Australian fintechs by utilizing Banking Circle Group's infrastructure.


Australia Fintech Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units Billion USD
Segment Coverage Deployment Mode, Technology, Application, End-User, States
States Covered New South Wales, Victoria, Queensland, Western Australia, South Australia, Tasmania, Others
Companies Covered Afterpay, Airwallex Pty Ltd, Athena Mortgage Pty Ltd, Divipay Pty Ltd, Judo Bank Pty Ltd (Judo Capital Holdings), mx51 Pty Ltd, PTRN Pty Ltd, Stripe Inc., Wise Australia Pty Ltd and Zeller Australia Pty Ltd.
Customization Scope 10% Free Customization
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Questions Answered in This Report:

  • What is the market value of Australia fintech market? 
  • What is the future prospect of Australia fintech market?
  • What has been the impact of COVID-19 on the Australia fintech market?
  • What are the key regional markets?
  • What is the breakup of the market based on the deployment mode?
  • What is the breakup of the market based on the technology?
  • What is the breakup of the market based on the application?
  • What is the breakup of the market based on the end-user?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the Australia fintech market and who are the key players?
  • What is the degree of competition in the industry?

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Australia Fintech Market Report by Deployment Mode (Cloud, On-Premises), Technology (Application Programming Interface (API), Artificial Intelligence (AI), Blockchain, Data Analytics, Robotic Process Automation (RPA), and Others), Application (Payments and Fund Transfer, Loans, Insurance and Personal Finance, Wealth Management, and Others), End User (Banking, Insurance, Securities, and Others), and State 2024-2032
Purchase Options Year End sale




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARATI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More
DEinternational Egypt

IMARC did an outstanding job in preparing our study. They were punctual and precise, delivering all the data we required in a clear and well-organized format. Their attention to detail and ability to meet deadlines was impressive, making them a reliable partner for our project.

Read More
Gulf Excellent Group

I wanted to express my sincere appreciation for your efforts in handling this matter. Your dedication and commitment have truly been commendable. It is evident that you have put in a tremendous amount of hard work and expertise into resolving the issues at hand. I would also like to take this opportunity to inform you that we are greatly interested

Read More
FS Corporation Inc.

Overall, the deliverable was well organized and my experience with the project team was good. In particular, I appreciated how they responded when I requested additional information and the Japanese version.

Read More
Egyptian Industrial Investment Group

The IMARC team were extremely professional and very cooperative. The team were also extremely flexible in making changes and modifications wherever required. The entire experience right from project kick-off to after sales support was fruitful and smooth.

Read More
Vishnu Chemicals

I’d like to express my gratitude for the work you accomplished with the industry report. The way you responded to the requirements and delivered under tight timelines shows your expertise, exceptional work ethic and commitment to your customer’s success. The entire team and company are incredibly thankful for your dedication. Once again, thank you

Read More
MOUNT EVEREST BREWERIES LIMITED

The market reports from IMARC have been instrumental in guiding our business strategies. We found the reports comprehensive and data-driven, which helped us make informed decisions. The detailed insights and actionable data have consistently provided us with a competitive edge in a rapidly changing alcohol market.

Read More
Borges Branded Foods

One of the best things about IMARC is their flexibility and predisposition to tailor the reports and adapt to our needs. They are not just great in their researching and consulting solutions, but their service is unparallelled. We’ve worked with them a couple of times and we will keep working with them in future projects.

Read More
Godrej Consumer Products Limited

We recently commissioned multiple market research reports from IMARC, and the insights we received were invaluable. The depth of analysis, accuracy of data, and actionable recommendations have greatly enhanced our strategic decision-making.

Read More
ADC Therapeutics

The market estimates provided by your team were pretty much in line with what we were theorizing internally. Really appreciate the work on this.

Read More
Ivanti

The sale account manager and the service was excellent. The data and market trends gathered from the report was insightful and really assisted while planning future product and growth strategies.

Read More
Asiatic Electrical & Switchgear P. Ltd.

The report is excellent and has good amount of data and our team is extremely happy with the information provided.

Read More
Denka Co., Ltd.

Thank you very much for your cooperation and post purchase support. We were really happy with the final deliverable, and the takeaways from the report.

Read More