Australia Credit Cards Market Report and Forecast 2025-2034

Australia Credit Cards Market Outlook

The Australia credit cards market size is expected to grow at a CAGR of 4.2% between 2024 and 2032.

Key Takeaways:

• As of January 2024, Australia had 13,518,459 credit cards in circulation, with a collective national debt of USD 18.4 billion accruing interest. Credit card management is a common aspect of everyday financial practices for many Australians, but for some, missteps can lead to significant debt challenges.

• According to a June 2023 Finder CST survey, 30% of Australians use credit cards as a financial management tool, with slightly more women (31%) relying on credit cards compared to men (29%).

Australians exhibit a strong affinity for electronic payment methods, with widespread adoption of debit, credit, and charge cards. The payments landscape has seen significant evolution, characterised by the proliferation of contactless payments, a surge in debit card usage, and the emergence of digital wallets. This shift has coincided with a decline in cash transactions, particularly for smaller purchases, while contactless payment options are being integrated into transport systems. Fintech firms are becoming influential players alongside traditional card issuers in the payment card sector, driven by the expanding e-commerce market. International companies are entering Australia to capitalise on e-commerce growth, introducing innovative shopping methods like livestream shopping.

In Australia's cards and payments market, key instruments include cards, cash, credit transfers, direct debits, and cheques. Cards dominate transaction volumes as of 2023, with robust growth fuelled by ongoing investment in payment infrastructure, increased adoption of contactless payments, and interchange fee regulations. The proliferation of digital-only banks is expected to further propel card usage in the future while driving the Australia credit cards market growth.

Credit cards have emerged as pivotal tools within Australia's payment ecosystem, with approximately 16 million in circulation and around 40% of adults owning at least one. The market boasts a diverse array of providers and products catering to consumer needs. Credit and debit cards collectively account for a substantial share of non-cash transactions, although high-value transactions often favour electronic funds transfers.

As of January 2024, Australia had 13,518,459 credit cards in circulation, with a total national debt of USD 18.4 billion accruing interest. Many Australians rely on credit cards for managing finances, a trend more pronounced among women, according to a June 2023 Finder CST survey. Thirty percent of Australians, particularly women, leverage credit cards as part of their financial management strategy playing an important role in the Australia credit cards market development.

Market Segmentation

Australia Credit Cards Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Card Type

• Speciality Credit Cards

• General Purpose Credit Cards

• Others

Market Breakup by Provider

• Mastercard

• Visa

• Rupay

• Others

Market Breakup by Application

• Restaurants and Bars

• Travel and Tourism

• Food and Groceries

• Consumer Electronics

• Health and Pharmacy

• Media and Entertainment

• Others

Market Breakup by Region

• New South Wales

• Victoria

• Queensland

• Western Australia

• Australian Capital Territory

• Others

Competitive Landscape

Key players in the market design, manufacture and offer products and services supported by government investments as well as mergers and acquisitions in the market.

• American Express Company

• Australia and New Zealand Banking Group

• Bank Australia

• Westpac Banking Corporation

• Commonwealth Bank of Australia

• National Australia Bank Pty Limited

• Bendigo and Adelaide Bank Limited

• Others

Key Highlights of the Report