Australia Mobile Payment Market Report and Forecast 2024-2032

Australia Mobile Payment Market Outlook

The Australia mobile payment market size reached USD 21.35 billion in 2023. The market is expected to grow at a CAGR of 16.9% between 2024 and 2032, reaching almost USD 95.14 billion by 2032.

Key Takeaways

• According to Australian Communications and Media Authority (ACMA), nearly all adults (99%) went online in the first half of 2022. This is a significant increase from just 90% in 2019.

• In 2023, the total number of active cellular mobile connections reached 32.71 million, exceeding the national population by a significant margin. This translates to a mobile connection penetration rate of 124.3%, signifying that a substantial portion of the population utilizes multiple mobile devices.

• In 2021, Vodafone and TPG completed a USD 15 billion merger resulting in the formation of a unified entity boasting a more comprehensive network infrastructure.

Mobile payments fuel e-commerce in Australia, with 97% online shopping penetration and weekly purchases driving the Australia mobile payment market

The proliferation of smartphones in Australia has fostered a dynamic mobile application landscape catering to diverse consumer needs. Notably, advancements in payment applications and technologies, like mobile wallets, have revolutionized the way Australians manage their finances, which is expected to support the demand of mobile payment market in Australia.

The landscape of Australian commerce has demonstrably shifted towards online channels. A staggering 97% of the population now engage in online shopping, solidifying it as a cornerstone of the national consumer experience.  This trend extends beyond occasional purchases, with nearly two-thirds (62%) of Australians frequenting online retailers on a weekly basis, averaging between 2 and 3 purchases per week.

Australia's growing smartphone ownership and powerful mobile networks are fuelling e-commerce growth. As online shopping increases, mobile transactions are expected to boost, significantly boosting the Australia mobile payments market. However, data privacy remains a challenge for mobile wallet apps. While companies are working hard to implement more secure authentication methods and robust security policies, it's an ongoing process to ensure user information stays protected.

In Australia, young adults (aged 18-29) have demonstrably led the way in adopting digital wallets like Apple Pay and Google Pay. Over 60% within this demographic leverage their mobile devices for at least one weekly payment, highlighting a preference for contactless transactions.

Market Segmentation

Australia Mobile Payment Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments

Market Breakup by Technology

• Direct Mobile Billing

• Near Field Communication

• Mobile Web Payment

• SMS

• Mobile Application

• Others

Market Breakup by Payment Type

• B2B

• B2C

• B2G

Market Breakup by Location

• Remote Payment

• Proximity Payment

Market Breakup by End Use

• BFSI

• Healthcare

• IT and Telecom

• Media and Entertainment

• Retail and E-Commerce

• Transportation

• Others

Market Breakup by Region

• New South Wales

• Victoria

• Queensland

• Australian Capital Territory

• Western Australia

• Others

The Australia Mobile Payment market key players are Apple Pty Ltd., PayPal Australia Pty Ltd., Afterpay Australia Pty Ltd., Samsung Electronics Australia Pty Limited, Alphabet Inc. (Google Pay), Adyen Australia Pty Ltd. (WeChat Pay), Square AU Pty Ltd., Zai Australia Pty Ltd., Zip Co. Limited, and Commonwealth Bank of Australia, among others.

Key Highlights of the Report