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Australia Country Report

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  • Published Date: April 2020

A comprehensive overview of the cards, payments, consumer banking and merchant acquirer market in Australia.

What you will learn from this Australia cards market report:

  • Why companion cards have left the Australian market.
  • How interchange has drawn regulatory action.
  • Which players are benefiting from Australia's contactless uplift.
  • How tech innovations are impacting the market.
  • What Open Banking means for issuers in Australia.


  • Australia's retail banking and payments landscape is dominated by a quartet of domestic banks: ANZ, CBA, NAB and Westpac.
  • To increase competition, the authorities have initiated Open Banking and an instant payments platform: the NPP.
  • The consumer lending industry is subject to ongoing scrutiny in the form of official inquiries and probes by the competition commission.
  • The credit cards market has plateaued in recent years, with interchange regulation, competition from other forms of lending and a fall-off in consumer demand all contributing factors.
  • Debit card spending has grown rapidly over the last decade: the convenience of contactless has been the key driver in the shift away from cash.
  • The growth of contactless has eroded the share of Eftpos, the domestic debit scheme, with Visa and Mastercard sharing the fruits of their first-mover advantage.
  • With contactless now available on Eftpos, regulators have been warning acquirers to allow merchants to choose how transactions are routed on dual-network cards. Mandated routing may emerge as a result.
  • Buy now, pay later (BNPL) services that offer interest-free instalment payments have grown rapidly, particularly amongst the young.
  • Australia is one of the few advanced economies where issuing banks still control the acquiring market. However, there has been an increase in competition from startups and global acquirers.

Australia Payments Research | Report Contents

Key Topics
Demographics and the economy
Payments environment
Cards market
Mobile payments
Profit pool
The card networks
Key retail banks and issuers
Acquiring and processing
Online acquiring
Regulatory and other cards market information
Appendices: Data

Appendix I: Demographics and the economy

Demographic and economic indicators
Ownership of key consumer devices
Internet usage by population

Appendix II: Payments environment

Access points
Account penetration
Consumer payment trends
B2C e-commerce payment methods

Appendix III: Cards market

Total cards payment metrics
Contactless cards metrics
Credit card numbers
Total credit card data metrics
Credit cards profitability indicators
Debit cards numbers
Debit cards metrics
Prepaid/e-money cards metrics

Appendix IV: Mobile payments

Mobile proximity payment metrics
Mobile P2P payments

Appendix V: Profit pool

Profit pool

Appendix VI: The card networks

Networks' credit card market shares
Networks' credit card data numbers
Networks' credit card billed volume
Networks' number of credit card transactions
Networks' average credit card transaction value
Credit card interchange fees by network
Networks' debit card market shares
Networks' debit card numbers
Networks' debit card billed volume
Networks' number of debit card transactions
Networks' average debit card transaction value
Debit card interchange fees by network

Appendix VII: Key retail banks and issuers

Key credit card issuers market shares by credit card numbers
Key issuers market shares in credit card outstandings
Key debit card issuers market shares by debit card numbers

Appendix VIII: Acquirers and processing

Merchant acquirer credit card market share
Credit card merchant service charges
Merchant acquirer debit card market share
Debit card merchant service charges
Credit card issuer, issuing processor relationships
Credit card acquirer, acquiring processor relationships
Credit card issuing processor market shares by card numbers
Credit card acquiring processor market shares by the number of POS transactions

Appendix IX: Online acquiring

  • Online merchant acquirer market share

Australia Payments Trends | Entities Referenced

ABN Amro ACCC Adyen Afterpay Alipay American Express ANZ Apple Pay ASIC Australia and New Zealand Banking Group Australia Post Australian Bureau of Statistics Australian Competition and Consumer Commission Australian Securities and Investments Commission Bambora Bank of Queensland Bankwest Barclays BBVA Bendigo and Adelaide Bank BNPL BodyBoss BOQ BPAY Group Buy now pay later CBA CDR Certegy Cirrus Citi Australia Citibank Citigroup Coco & Eve Coles CommBank Commonwealth Bank Consumer data right Covid-19 Cuscal CyberSource David Jones Diners Club EDS Eftpos Eftpos Payments Australia EMVCo ePAL eWAY Ezidebit FirstData Fiserv Fitbit Pay G+D Garmin Pay Global Payments Google Pay HSBC HSBC IBM Illawarra Mutual Building Society IMB ING Internationale Nederlanden Groep Klarna Kogan Lonely Planet Mastercard MobileSecurity NAB National Australia Bank New Payments Platform NPP Open Banking Oxipay PayPal PayPal Credit Australia Qantas Queenslanders Credit Union Rambus RBA Reserve Bank of Australia Samsung Pay Sand & Sky SecureCo Skiddoo SkinnyMint Société Générale Square St George Bank Suncorp Supernova Tyro UnionPay VGW Virgin Australia Visa Webjet WeChat Pay Westpac Wirecard Woolworths Worldpay zipMoney zipPay


Verisk reports delivering market and competitor intelligence on payments cards, e-money, acquiring/processing, retail banking, and consumer credit in the Asia Pacific region. Researchers use primary and secondary source data and conduct in-depth interviews with senior industry executives and Asia Pacific finance experts.

See more Asia-Pacific Country Reports or explore the full range of Verisk cards and payments reports covering 72 markets worldwide.

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