Australia Prepaid Cards Market

Australia Prepaid Cards Market Overview:

The Australia prepaid cards market size reached USD 258.72 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 967.58 Million by 2033, exhibiting a growth rate (CAGR) of 14.10% during 2025-2033. The increasing adoption of digital wallets among younger consumers, government initiatives to modernize payment systems by phasing out cheques and regulating digital wallets, significant investments by businesses in digital payment solutions, and a heightened focus on security and fraud prevention measures are among the key factors driving the market growth.

Australia Prepaid Cards Market Trends:

Surge in Digital Wallet Adoption

The rapid proliferation of digital wallets is a key catalyst propelling the growth of Australia's prepaid card market. From 2018 to 2022, the number of cards linked to mobile wallets surged by ~760%, rising from just over 2 million to 15.3 million. In tandem with this, the transaction value via mobile wallets skyrocketed from AUD 746 million to over AUD 93 billion, reflecting a significant shift in consumer payment behavior. This trend is especially strong among younger consumers: the Reserve Bank of Australia's 2022 Consumer Payments Survey reported that nearly two-thirds of individuals aged 18–29 used mobile payments, up from less than 20% in 2019. The widespread availability of platforms like Apple Pay, Google Pay, and Samsung Pay has accelerated adoption, while innovations such as eftpos's "eQR" system have improved convenience and user experience. As digital wallets become embedded in everyday financial activities, prepaid cards linked to these platforms are expected to see sustained demand, driven by their ease of use, security, and integration with emerging payment ecosystems.

Government Initiatives to Modernize Payment Systems

The Australian government’s proactive efforts to modernize the nation’s payment infrastructure are playing a crucial role in driving the growth of the prepaid card market. A notable step is the plan to phase out cheques by 2030, recognizing their minimal use, i.e., cheques accounted for just 0.2% of all payments in Australia in 2022. In parallel, the government is working to align digital wallets with the same regulatory framework as traditional credit card providers, aiming to ensure a secure and standardized payment environment. This regulatory shift is expected to enhance consumer confidence in digital payments, thereby accelerating their adoption. Additionally, about half of Australian businesses are planning to invest in digital payment solutions, with key sectors such as retail, finance, and insurance at the forefront. This widespread investment is set to improve the infrastructure supporting prepaid cards and digital wallets, making them increasingly accessible, secure, and user-friendly for consumers across the country.

Australia Prepaid Cards Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region/country level for 2025-2033. Our report has categorized the market based on card type, purpose, and vertical.

Card Type Insights:

• Closed Loop Cards
• Open Loop Cards

The report has provided a detailed breakup and analysis of the market based on the card type. This includes closed loop cards and open loop cards.

Purpose Insights:

• Payroll/Incentive Cards
• Travel Cards
• General Purpose Reloadable (GPR) Cards
• Remittance Cards
• Others

A detailed breakup and analysis of the market based on the purpose have also been provided in the report. This includes payroll/incentive cards, travel cards, general purpose reloadable (GPR) cards, remittance cards, and others.

Vertical Insights:

• Corporate/Organization
• Retail
• Government
• Others

The report has provided a detailed breakup and analysis of the market based on the vertical. This includes corporate/organization, retail, government, and others.

Regional 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 Prepaid Cards Market News:

• May 2025: Brisbane-based fintech firm OtherPay joined Change Financial and Fintech Actuator’s Prepaid Incubator Program, supported by Mastercard. This initiative allows OtherPay to integrate prepaid card functionality into its platform, enhancing consumer protection against purchase and identity fraud. The program offers startups a cost-effective way to test and launch prepaid card solutions with expert guidance and infrastructure support.
• November 2024: iGoDirect introduced a reloadable Visa prepaid card tailored for corporate clients in Australia. This solution allows businesses to instantly issue and top-up cards for various programs, including rewards, loyalty, and disbursements. The cards are fully customizable and can be integrated into company websites and apps.

Australia Prepaid Cards Market Report Coverage:

Key Questions Answered in This Report:

• How has the Australia prepaid cards market performed so far and how will it perform in the coming years?
• What is the breakup of the Australia prepaid cards market on the basis of card type?
• What is the breakup of the Australia prepaid cards market on the basis of purpose?
• What is the breakup of the Australia prepaid cards market on the basis of vertical?
• What is the breakup of the Australia prepaid cards market on the basis of region?
• What are the various stages in the value chain of the Australia prepaid cards market?
• What are the key driving factors and challenges in the Australia prepaid cards market?
• What is the structure of the Australia prepaid cards market and who are the key players?
• What is the degree of competition in the Australia prepaid cards 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 prepaid cards market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Australia prepaid cards 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 prepaid cards 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.