Market Size of Australia Mobile Payment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 12.50 % |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Australia Mobile Payment Market Analysis
The Australian mobile payments market is expected to grow at a CAGR of 12.5% over the forecast period (2022 - 2027). The stores and services in Australia are rapidly adopting mobile payment applications, such as PayPal, Samsung Pay, and Apple Pay to accept and transfer payments. With increasing internet adoption and rapid growth in online retailing, this trend is expected to continue over the forecast period.
- The payment processing environment in Australia has changed dramatically in recent years. Because of the rising need for contactless payments, the usage of digital payment methods for direct payments has fueled the adoption of mobile payments.
- The increased use of smartphones in the country has enabled the development and use of mobile applications for various purposes. With the advancement of payment applications and technologies such as mobile payments, customers have an easy and seamless method to pay for online and in-store purchases, bill payments, money transfers, and many other things.
- Furthermore, mobile payments provide a simple and safe method of making transactions. Through tokenization, individuals can use mobile wallets to store credit and debit card information on their devices. This changes card numbers, rendering the data useless to hackers. According to a survey conducted by the Reserve Bank In 2021, the value of credit card payments made in Australia amounted to around AUD 310.5 billion. The value of debit card payments amounted to AUD 417.9 billion in the same year.
- However, data privacy remains a major threat to mobile phone applications that provide mobile wallets. Companies are continuously working to introduce simpler and safer methods of authenticating their clients' identities, increasing their policies' safety and dependability.
- To prevent the spread of the Covid-19 pandemic, the need for contactless payments in retail stores such as grocery stores and restaurants has increased. Because there is no touch involved in the payment process, contactless payment solutions provided by mobile wallets are a secure alternative to dealing with cash and traditional credit cards.
