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Australia Credit Cards Market Size, Share, Trends, Growth: By Card Type: Speciality Credit Cards, General Purpose Credit Cards, Others; By Provider: Mastercard, Visa, Rupay, Others; By Application: Restaurants and Bars, Travel and Tourism, Food and Groceries, Consumer Electronics, Others; Regional Analysis; Competitive Landscape; 2024-2032
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
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Card Type |
|
| Breakup by Provider |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Credit Cards Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Credit Cards Historical Market (2018-2023)
8.3 Asia Pacific Credit Cards Market Forecast (2024-2032)
9 Australia Credit Cards Market Overview
9.1 Key Industry Highlights
9.2 Australia Credit Cards Historical Market (2018-2023)
9.3 Australia Credit Cards Market Forecast (2024-2032)
10 Australia Credit Cards Market by Card Type
10.1 Speciality Credit Cards
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 General Purpose Credit Cards
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Others
11 Australia Credit Cards Market by Provider
11.1 Mastercard
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Visa
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Rupay
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Others
12 Australia Credit Cards Market by Application
12.1 Restaurants and Bars
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Travel and Tourism
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Food and Groceries
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Consumer Electronics
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Health and Pharmacy
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Media and Entertainment
12.6.1 Historical Trend (2018-2023)
12.6.2 Forecast Trend (2024-2032)
12.7 Others
13 Australia Credit Cards Market by Region
13.1 New South Wales
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Victoria
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Queensland
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Australian Capital Territory
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Western Australia
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
13.6 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 American Express Company
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Australia and New Zealand Banking Group
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Bank Australia
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Westpac Banking Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Commonwealth Bank of Australia
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 National Australia Bank Pty Limited
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Bendigo and Adelaide Bank Limited
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Credit Cards Market: Key Industry Highlights, 2018 and 2032
2. Australia Credit Cards Market: Key Industry Highlights, 2018 and 2032
3. Australia Credit Cards Historical Market: Breakup by Card Type (USD Million), 2018-2023
4. Australia Credit Cards Market Forecast: Breakup by Card Type (USD Million), 2024-2032
5. Australia Credit Cards Historical Market: Breakup by Provider (USD Million), 2018-2023
6. Australia Credit Cards Market Forecast: Breakup by Provider (USD Million), 2024-2032
7. Australia Credit Cards Historical Market: Breakup by Application (USD Million), 2018-2023
8. Australia Credit Cards Market Forecast: Breakup by Application (USD Million), 2024-2032
9. Australia Credit Cards Historical Market: Breakup by Region (USD Million), 2018-2023
10. Australia Credit Cards Market Forecast: Breakup by Region (USD Million), 2024-2032
11. Australia Credit Cards Market Structure
Key Questions Answered in the Report
The market is projected to grow at a CAGR of 4.2% between 2024 and 2032.
The market is categorised according to its card type, which includes speciality credit cards, general purpose credit cards, and others.
The key market players are 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, and others.
The market is driven by factors that include strong affinity for electronic payment methods, ongoing investment in payment infrastructure, increased adoption of contactless payments, and interchange fee regulations, among others.
The market is categorised according to its provider, which includes mastercard, visa, rupay, and others.
In Australia, there are approximately 13.5 million active credit card accounts, with a total of around 17.7 million cards issued, indicating that, on average, there is more than one cardholder for about a third of these accounts.
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