Australia Mobile Payment Market

Australia Mobile Payment Market Overview:

The Australia mobile payment market size reached USD 105.18 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 472.60 Billion by 2033, exhibiting a growth rate (CAGR) of 16.70% during 2025-2033. The market is primarily driven by widespread smartphone usage, advancements in fintech, consumer preference for contactless transactions, significant expansion in e-commerce platforms, and strong support from banks and retailers for enhancing mobile payment infrastructure and services across the country.

Australia Mobile Payment Market Trends:

Increased Mobile Transaction

The quick uptake of mobile wallets grew exponentially in Australia impacting the mobile payment industry. As per the Australia Banking Association (ABA), card registrations to mobile wallets grew immensely to 15.3 million in 2022 from around two million in 2018, a 760% growth. Additionally, transaction amount via mobile wallets reached a staggering $93 Billion in 2022 compared to $746 Million in 2018, demonstrating a whopping 12,400% improvement. Furthermore, mobile wallet transactions' volume too registered a whopping hike, totaling 2.4 Billion for 2022 versus 29.2 Million, a staggering growth of 8,200%. The phenomenon of digitalization in banking, where 98.9% of banking behavior takes place in digital form, clearly indicates a shift toward digital banking. Between 2019 and 2022, there was a 21% growth in the use of online banking and a 31% growth in mobile app interaction. Additionally, the high use of smartphones has offered the required technology for mobile payments. Also, the readily available smartphones provide the technology needed for mobile payment. With this, there has been innovation in the Fintech industry highlighting more firms in mobile payment solutions, providing convenience and security. Apart from this, customers are also seeking quicker and non-face-to-face payment solutions, particularly in the wake of the COVID-19 pandemic, which has further accelerated digital payment solutions in the nation.

Rising E-commerce Sales

According to the International Trade Administration (ITA), e-commerce sales of all retail spending accounted for 18%, totaling US$ 45 Billion, which was a slight rise of 1.7% compared to the previous year. According to the report, retailers that integrated online and physical store strategies saw the most significant benefits. In 2022, 82% of Australian households made online purchases, with the highest growth observed in rural and remote regions. This uptick reflects the increased comfort of consumers with online shopping and the general movement of consumer browsing and buying preference toward digital platforms. Moreover, the e-commerce platform is growing and has been propagated by conveniences such as the ability to shop from the comfort of one's home and increased product availability online. Additionally, with the growth in mobile methods of paying, there is a proportional growth in e-commerce. Furthermore, with the increasing consumers' need to make and receive fast, safe, and convenient payments, mobile payments offer some relief. Besides, online shopping platforms integrated with a system of mobile payment improve customers' experience by facilitating checkout, reducing transaction time, and adding another layer of security. Moreover, the retailers take advantage of this by developing mobile platforms and optimization of websites to provide transactions via mobile devices, thus contributing to the market growth.

Australia Mobile Payment Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the regional level for 2025-2033. Our report has categorized the market based on mode of transaction and application.

Mode of Transaction Insights:

• WAP
• NFC
• SMS
• USSD
• Others

The report has provided a detailed breakup and analysis of the market based on the mode of transaction. This includes WAP, NFC, SMS, USSD and Others.

Application Insights:

• Entertainment
• Energy and Utilities
• Healthcare
• Retail
• Hospitality and Transportation
• Others

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes entertainment, energy and utilities, healthcare, retail, hospitality and transportation, and others.

Region Insights:

• Australia Capital Territory & New South Wales
• Victoria & Tasmania
• Queensland
• Northern Territory & Southern Australia
• Western Australia

The report has also provided a comprehensive analysis of all the major regional markets, which include Australia Capital Territory & New South Wales, Victoria & Tasmania, Queensland, Northern Territory & Southern Australia, and Western Australia.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key 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.

Australia Mobile Payment Market News:

• November 2023, IDEMIA, a global leader in identity technologies, has collaborated with Soft Space, a top Fintech-as-a-Service (FaaS) provider, to introduce Smart Mini in partnership with the Commonwealth Bank of Australia (CBA). This compact and portable device allows Australian merchants to accept mobile payments directly at the point of sale, facilitating convenient payment transactions for businesses on the move.
• In May 2023, Apple launched its Tap to Pay feature on iPhones in Australia, enabling businesses of all sizes to accept contactless payments directly through their iPhones. This new capability allows a diverse range of merchants, from individual tradespeople and market vendors to large retail chains and hospitality groups, to process payments securely and conveniently using Apple Pay, as well as other digital wallets and contactless credit and debit cards, through their iPhones. This is facilitated via a partner-supported iOS application, eliminating the need for extra hardware or payment terminals.

Australia Mobile Payment Market Report Coverage:

Key Questions Answered in This Report:

• How has the Australia mobile payment market performed so far and how will it perform in the coming years?
• What is the breakup of the Australia mobile payment market on the basis of mode of transaction?
• What is the breakup of the Australia mobile payment market on the basis of application?
• What is the breakup of the Australia mobile payment market on the basis of region?
• What are the various stages in the value chain of the Australia mobile payment market? 
• What are the key driving factors and challenges in the Australia mobile payment market?
• What is the structure of the Australia mobile payment market and who are the key players?
• What is the degree of competition in the Australia mobile payment market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Australia mobile payment market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Australia mobile payment market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Australia mobile payment industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.