Forecast: Value of Card Payments in Australia

The value of card payments in Australia has exhibited fluctuations over the historical period from 2013 to 2023. As of 2023, the value stood at 466.22 billion USD, marking a 1.58% year-on-year increase from 2022. Over the past two years, the market saw a significant boost in 2021 with a 28.65% rise, followed by a slight decline of 3.2% in 2022. The compound annual growth rate (CAGR) over the last five years positioned at approximately 1.7%, indicating a modest average annual growth amidst year-to-year variations.

Future forecasts suggest a steady growth in card payment values, with a projected CAGR of 1.21% from 2024 to 2028 and an overall growth of 6.22% during this period, suggesting a stabilization and gradual increase in the market.

Trends to watch for include:

• Adoption of digital wallets and contactless payments.
• Regulatory changes impacting transaction fees and security standards.
• Technological advancements in payment infrastructure.