Australian digital wallet market to surpass A$200 billion in 2025 amid cashless shift: GlobalData
Digital wallet adoption is accelerating rapidly in Australia, with transaction values projected to grow by 20.8% in 2025 to reach AUD201.3 billion ($132.9 billion). This surge is fueled by the shift towards cashless payments, rising smartphone usage, and broader acceptance of NFC and QR-based solutions—highlighting the growing role of digital wallets in Australia’s evolving financial ecosystem, forecasts GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Payment Instrument Analytics reveals that the digital wallet payment value in Australia registered a growth of 32.2% from AUD126 billion ($83.2 billion) in 2023 to reach AUD166.6 billion ($110 billion) in 2024.
Shivani Gupta, Lead Banking and Payments Analyst at GlobalData, commented, “Like many markets in Asia-Pacific, digital wallet adoption is on the rise in Australia, supported by rising consumer preference for mobile payments, and proliferation of digital wallet brands such as Google Pay, Apple Pay, and Samsung Pay.
“Furthermore, increasing usage of QR code-based payment solutions in addition to NFC payments is also expected to support this growth. Although Australia lags its peers such as China and India in terms of digital wallet payments market size, it is still ahead of some of the other developed countries, including Singapore and Hong Kong in the region.”
According to the Reserve Bank of Australia (RBA), digital wallets are gaining traction, with 39% of debit card and 33% of credit card transactions conducted using digital wallets as of October 2024. In addition, almost 46% of debit cards and 40% of credit and charge cards were enrolled in digital wallets during the same period.
With the use of digital wallets increasing rapidly in the country, RBA is in the process of amending its Payment Systems Regulation Act 1998 to encompass digital payment services such as Apple Pay and Google Pay and provide the necessary customer protections.
The availability of international brands such as Apple Pay and Google Pay in Australia has raised consumer awareness of mobile payment technologies and encouraged their uptake.
According to GlobalData’s 2024 Financial Services Consumer Survey* Apple Pay is the most preferred mobile payment brand followed by Google Pay, PayPal and Samsung Pay.
To further promote the use of digital wallets in the country and enhance the cost-effectiveness of digital wallet acceptance for merchants, Google Wallet began supporting dual network debit cards in March 2025. The cards allow payments to be processed via either Australia’s domestic debit network “eftpos” or international networks, enabling merchants to save on transaction fees. This feature will empower consumers to select between different networks such as eftpos, Visa, and Mastercard, providing them and merchants with more options and control over their payments.
In addition to NFC-based mobile brands such as Apple Pay and Google Pay, QR code-based payments are also expected to gain prominence in Australia, the adoption of which is high in its many Asian counterparts such as India and China. To drive this, in May 2022, eftpos launched a QR code payment system “eQR”. This solution enables consumers to complete transactions by scanning QR codes at participating merchant stores using the eftpos-owned Beem wallet. Even international player like PayPal enables QR code payments in Australia.
Gupta concludes: “With the widespread adoption of smartphones in everyday life, and the increasing consumer acceptance of mobile payments, GlobalData forecasts continued growth in this space. Subsequently, digital wallet transaction value is expected to register a compound annual growth rate (CAGR) of 13.7% between 2025 to 2029 to reach AUD336.1 billion ($221.9 billion) in 2029.”
*GlobalData’s 2024 Financial Services Consumer Survey was carried out in Q2 2024. Approximately 67,292 respondents aged 18+ were surveyed across 41 countries.
