Forecast: Number of Cards with a Payment Function in Australia

The number of cards with a payment function in Australia has exhibited fluctuations over the past decade. Starting from 63.05 million units in 2013, it reached a peak of 69.62 million units in 2017. The year 2018 marked a significant drop of 8.97%, followed by another decline in 2020, attributed to a 16.78% decrease, likely impacted by the pandemic. The year 2021 saw a strong recovery with a 26.84% increase. By 2023, the number stood at 66.28 million units, reflecting a slight year-on-year increase of 0.25%. The CAGR over the past five years is approximately 0.9%. The forecast over the next five years suggests a steady but modest growth, with a CAGR of 0.19% and an overall increase to 67.33 million units by 2028.

Future trends to watch for include the ongoing adoption of digital wallets and other fintech solutions that might influence the growth of traditional payment cards. Regulatory changes, technological advancements, and shifts in consumer behavior towards cashless transactions will also play crucial roles in shaping this market. Continuous monitoring of these factors will be essential for understanding the evolution of payment methods and their impact on the card market in Australia.