Forecast: Number of Payment Transactions by Non-banks in Australia

Based on historical data, the number of payment transactions by non-banks in Australia grew from 8.4 billion in 2013 to 13.3 billion in 2023. The year-on-year variations indicate significant fluctuations: from a high growth of 10.74% in 2016 to a decline of 14.41% in 2020 due to the pandemic. Recent years showed recovery and stabilization, with a 2.69% growth in 2023. The compound annual growth rate (CAGR) over the last five years is 2.97%. Forecasts suggest continued growth, reaching 15.16 billion by 2028, with an estimated 5-year CAGR of 2%.

Future trends to watch for include:

• Impact of regulatory changes and new entrant strategies.
• Technological advancements in digital payment solutions.
• Consumer behavior shifts towards contactless and mobile payments.
• Global economic factors influencing cross-border transactions.