The number of cards with a cash function in Australia has seen varied trends from 2013 to 2023, standing at 66.28 million units in 2023. The period exhibited fluctuations with notable declines in 2018 and 2020, and substantial recovery in 2021. The most recent trends show a slight increase of 0.25% from 2022 to 2023, aligning with a Compound Annual Growth Rate (CAGR) of 0.9% over the last five years.
Looking ahead, forecasted data from 2024 to 2028 suggests a gradual increase, leading to a forecasted number of 67.33 million units by 2028. The future annual growth rate and CAGR are relatively modest at 0.19% and 0.96%, respectively.
Key future trends to watch for include potential impacts of digital payment solutions and changes in consumer behavior towards cashless transactions. Technological advancements and regulatory changes may also play pivotal roles in shaping the trajectory of cash function cards in Australia.
