Australia Digital Payment Market Size, Trends, Demand, Companies, and Forecast 2024-2032

IMARC Group, a leading market research company, has recently released a report titled “Australia Digital Payment Market Report by Component (Solutions, Services), Payment Mode (Bank Cards, Digital Currencies, Digital Wallets, Net Banking, and Others), Deployment Type (Cloud-based, On-premises), End Use Industry (BFSI, Healthcare, IT and Telecom, Media and Entertainment, Retail and E-commerce, Transportation, and Others), and Region 2024-2032.” The study provides a detailed analysis of the industry, including the Australia digital payment market industry, share, trends, size, growth and forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the Australia Digital Payment Market?

The Australia digital payment market size is projected to exhibit a growth rate (CAGR) of 11.10% during 2024-2032.

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Australia Digital Payment Market

Technological advancements as well as shifting consumer preferences towards cashless transactions are the factors responsible for the growth of the Australia digital payment market. Additionally, the market is bolstered by the widespread adoption of mobile payment solutions, like digital wallets and contactless payments. systems such as Apple Pay, Google Pay, and local solutions are becoming increasingly popular, allowing customers to make safe transactions with only a touch or scan. This shift is further supported by the growing infrastructure for contactless payments, including near-field communication (NFC) technology and point-of-sale (POS) systems in retail environments.

Another key driver of the digital payment market in Australia is the push towards financial inclusion and the development of a robust fintech ecosystem. In addition to this, regulatory support and initiatives aimed at promoting digital banking and reducing the reliance on cash have played a crucial role. For instance, the New Payments Platform (NPP), launched in collaboration with financial institutions and the Reserve Bank of Australia, has revolutionized real-time payments, allowing instant money transfers between accounts, which is acting as another growth-inducing factor. Furthermore, the COVID-19 pandemic has accelerated the adoption of digital payments as consumers and businesses alike seek safer and more hygienic payment methods, thereby escalating the market. The rise of online shopping and remote services during lockdowns highlighted the necessity and benefits of digital transactions, which is anticipated to drive the Australia digital payment market over the forecasted period.

Australia Digital Payment Market Segmentation:

Breakup By Component:

• Solutions

o Application Program Interface

o Payment Gateway

o Payment Processing

o Payment Security and Fraud Management

o Transaction Risk Management

o Others

• Services

o Professional Services

o Managed Services

Breakup By Payment Mode:

• Bank Cards

• Digital Currencies

• Digital Wallets

• Net Banking

• Others

Breakup By Deployment Type:

• Cloud-based

• On-premises

Breakup By End Use Industry:

• BFSI

• Healthcare

• IT and Telecom

• Media and Entertainment

• Retail and E-commerce

• Transportation

• Others

Breakup By Region:

• Australia Capital Territory & New South Wales

• Victoria & Tasmania

• Queensland

• Northern Territory & Southern Australia

• Western Australia

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Key Highlights of the Report:

• Market Performance (2018-2023)

• Market Outlook (2024-2032)

• Market Trends

• Market Drivers and Success Factors

• Impact of COVID-19

• Value Chain Analysis

• Comprehensive mapping of the competitive

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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