Forecast: Number of Cards with a Debit Function in Australia

The number of debit cards in Australia stood at 44.72 million units in 2023. Over the past decade, this figure has witnessed fluctuations, with notable declines in 2018 and 2020 at -8.7% and -16.51%, respectively. Yet, the market recovered significantly in 2021 with a 27.23% increase. From 2018 to 2023, the market experienced an overall moderate growth, culminating in a 1.17% Compound Annual Growth Rate (CAGR) over the last five years.

The outlook from 2024 to 2028 indicates a stable growth trajectory with a projected 5-year CAGR of 0.43%, signifying increased market maturity. The total number of debit cards is forecasted to rise gradually from 45.14 million units in 2024 to 46.11 million units by 2028, marking a 2.15% overall growth during this period.

Future trends to watch for:

• Technological advancements in digital payments reducing reliance on physical debit cards.
• The impact of fintech solutions and mobile banking on debit card usage.
• Changes in consumer behavior post-pandemic potentially influencing debit card growth.