Finance & Economics

Coronacrisis caused decline in Australian card payments’ growth: report

The Australian payment card market registered a slowdown in 2020 due to the pandemic which reduced consumer and commercial spending

Australia payments

Coronacrisis caused decline in Australian card payments’ growth: report. Source:

GlobalData has found that the value of card payments in Australia is estimated to register a subdued growth of 1.9% in 2020 against the previous estimate of 5.3%.

Nevertheless, with the gradual recovery of the economy, the growth is expected to improve over the forecast period increasing at a CAGR of 5.7% between 2020 and 2024 to reach $613.6 billion in 2024.

Australians are prolific users of payment cards, with the frequency of card payments at 172 times in 2020, one of the highest in the Asia-Pacific region. The shift from low-value cash transactions to contactless card payments is supporting this growthrnrn
Nikhil Reddy, Banking and Payments Analyst at GlobalData

The report states that Australia is one of the most developed contactless card markets with the majority of the consumers using contactless cards. Due to the pandemic, the use of contactless cards is on the rise as even smaller merchants are now insisting on non-cash and contactless payments. To encourage the shift away from cash, the limit for contactless card payment was temporarily increased from $70.30 to $140.59 effective April 2020.

We’ve reported that Mastercard teamed up with FrenchSys, the e-payment solutions provider to accelerate e-payments across France.


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