Amazon Commercial Services Pty Limited, Mastercard International Incorporated, PayPal Australia Pty Limited, Airwallex Pty Ltd, Web Active Corporation Pty Ltd, Worldline Australia Pty Ltd, Southern Payment Systems Pty Ltd, Square AU Pty Ltd, Visa Inc and Zai Australia Pty Ltd, among others, are the major players in the Australia Payments market.

The Australia Payments Market is projected to grow at a CAGR of 9.90% in the forecast period of 2024-2032. As per the analysis by Expert Market Research, the market is expected to be driven by technological advancements and changing consumer preferences.

Payments are highly influenced by digital payment solutions such as credit and debit cards, mobile payments, and digital wallets as they are becoming increasingly popular for their security, speed, and convenience. As a result, the market is experiencing significant growth. Technological innovations like contactless payments, blockchain, and AI are revolutionizing transactions, making digital payments more appealing. Consumers are shifting towards cashless transactions, favoring mobile payment apps and digital wallets like Apple Pay and Google Wallet due to their ease of use and enhanced security.

Categorically, the mode of payments is divided into online sale, and point of sale. As online shopping continues to grow, there is a greater demand for secure and efficient online payment solutions. Additionally, supportive regulations and policies by the Australian government and financial institutions, such as the New Payments Platform (NPP),  are facilitating real-time payments and strengthening the payment infrastructure.

According to the Reserve Bank of Australia (RBA), the use of debit cards among Australians has surged, doubling over the past decade. By 2022, debit cards accounted for over half of all transactions by number. This significant growth in debit card usage, and card payments overall, has been driven by the convenience of contactless payments technology. Contactless payments represented 95 percent of in-person card transactions in 2022, underscoring their widespread adoption and ease of use.

Australia has witnessed a significant surge in contactless payments, propelled by the rapid deployment of contactless-capable cards and terminals by payment service providers (PSPs) and card schemes. The hospitality industry, alongside major retailers such as supermarkets and department stores, embraced this technology which is further, driving widespread consumer adoption.

In April 2024, Volt, a leading global real-time payments platform, unveiled its innovative, PayTo-based, one-click payment solution tailored for retail customers in Australia. This cutting-edge service aims to streamline the payment process while eliminating credit card surcharges, marking a significant step towards enhancing consumer convenience and cost-efficiency in the retail sector.

Top 10 Payment Companies in Australia:

Amazon Commercial Services Pty Limited

Amazon Commercial Services Pty Limited is the Australian subsidiary of the global e-commerce giant Amazon.com, Inc. It offers a wide range of products and services (including retail, cloud computing, and digital streaming) and an Amazon Pay option which is a payment method that optimizes payment mode by letting customers use the information stored in their Amazon accounts. Amazon’s robust online marketplace connects Australian consumers with both local and international sellers, providing unparalleled convenience and variety. The company's operates in Australia with its office in Sydney, New South Wales.  

Mastercard International Incorporated

Mastercard International Incorporated is a global leader in payment solutions, offering a range of financial services including credit, debit, and prepaid cards. In Australia, Mastercard operates through its office in Sydney, providing secure, fast, and reliable transaction processing for consumers and businesses. Mastercard's focus on innovation and digital payments helps drive the future of global commerce.

PayPal Australia Pty Limited

PayPal Australia Pty Limited is a subsidiary of PayPal Holdings, Inc., providing a leading online payment system that facilitates secure and quick transactions for individuals and businesses. It offers various financial services, including online payments, merchant services, and peer-to-peer money transfers. PayPal's robust platform is widely trusted for its convenience and security features. As per the company stats, more than 5.5 million Australian consumers rely on PayPal when transacting online or on a mobile device. PayPal is widely accepted by most of Australia’s large retail websites and the company is striving for PayPal to be a payment option for consumers

Airwallex Pty Ltd

Airwallex Pty Ltd is a fintech company that provides a comprehensive suite of financial services, including cross-border payments, foreign exchange, and business accounts. The company aims to simplify international transactions and financial operations for businesses of all sizes. Moreover, Airwallex is regulated by the Australian Securities and Investment Commission (ASIC).

Web Active Corporation Pty Ltd

Web Active Corporation Pty Ltd is trading as Eway, which aims to support payment products and services for commercial and non-commercial enterprises. The company specializes in providing track-based transactions and, an understanding of customer purchasing patterns, and it also supports minimizing the risk of error, to help businesses enhance their online payment solution and drive growth. In 2021, it was awarded as the best payment provider at the National Online Retailers Association (NORA) Awards.

Worldline Australia Pty Ltd

ANZ Worldline Payment Solutions means Worldline Australia Pty Ltd, part of the global Worldline Group, is a leading provider of payment and transactional services, offering solutions for merchant services, financial institutions, and mobility & e-transactional services. ANZ and Worldline have partnered to form ANZ Worldline Payment Solutions. Within Australia, its headquarters are located in Melbourne, and it also has locations in Sydney and Brisbane.

Southern Payment Systems Pty Ltd

Southern Payment Systems Pty Ltd is a home-grown company that acts as a payment solutions provider offering a range of services, including point-of-sale systems, payment processing, and merchant services. The company is dedicated to providing reliable, efficient, and secure payment solutions tailored to the needs of Australian businesses.

Square AU Pty Ltd

Square AU Pty Ltd is the Australian subsidiary of Block, Inc. (formerly Square, Inc.), providing innovative payment and point-of-sale solutions for businesses of all sizes. Known for its user-friendly hardware and software, Square helps businesses manage transactions, inventory, and customer engagement efficiently.

Visa Inc

Visa Inc is a global leader in digital payments, operating in over 200 countries and territories. Visa provides secure, fast, and reliable electronic payments through its innovative products and services. In Australia, Visa supports a wide range of financial services, including credit, debit, and prepaid card solutions, facilitating seamless transactions for consumers and businesses.

Zai Australia Pty Ltd

Zai is a merger of two payment solutions CurrencyFair and Assembly Payments, specializing in integrated payment solutions. Zai provides payment processing, compliance, and financial management services designed to streamline complex financial operations for businesses, making it easier to manage payments and cash flow efficiently.