Forecast: Number of Card Payments in Australia

In 2023, the number of card payments in Australia stood at 9.15 billion units. The growth in card payments from 2013 to 2023 experienced high year-on-year variation initially, peaking in 2016 at a 12.45% increase. However, from 2017 onwards, the growth rate began to taper off, reflecting a maturing market. The year-on-year growth in 2022 and 2023 was modest at 3.24% and 3.08% respectively, and the compound annual growth rate (CAGR) over the last five years was 3.44%.

Looking ahead, from 2024 onwards, further growth is anticipated, although at a slower rate. The forecasted CAGR over the next five years is 2.07%, with the total number of card payments expected to reach 10.43 billion units by 2028, a forecasted growth of 10.81% over the period.

Future trends to watch for include the potential shifts towards mobile and contactless payments, the impact of innovative financial technologies, and regulatory changes that may affect transaction dynamics. Monitoring these factors will be crucial for anticipating future changes in consumer payment behaviors.