Payment methods in Australia

Oceania

14methods

22banks

E-commerce was worth US$43 billion in 2022 (16% of all retail) and is forecast to reach US$71 billion by 2027.

Market takeaways

E-commerce was worth US$43 billion in 2022 (16% of all retail) and is forecast to reach US$71 billion by 2027.
Cards are used in just 41% of online transactions; digital alternatives including BNPL, PayPal, and bank transfers dominate the rest.
The average Australian online shopper spends US$1,992 per year, rising to US$3,051 by 2027.
Mobile devices account for 42% of all online purchases, up from 36% in 2020.
62% of Australians have shopped cross-border, with cross-border purchases valued at US$12 billion (29% of total e-commerce).

Population

26.5M

Online population

21.5M

B2C e-commerce

$43B

Banked population

99%

Credit card population

57%

E-commerce of total retail

16%

Payment method breakdown

Card41%
Cash1%
Bank Transfer10%
E-Wallet31%
Other17%

Card scheme breakdown

Visa50%
Mastercard27%
American Express7%
Local Schemes16%
Other0%

Cross-border e-commerce

Cross-border shoppers

62%

Share of e-commerce

29%

Cross-border value (est.)

$12B

Featured payment methods in Australia

All payment methods available in this market, sorted by prominence.

PayPal

Global digital wallet and checkout provider with broad e-commerce coverage.

Bank Transfer (Internet & Mobile Banking)

Generic online and mobile bank-transfer methods (internet banking, e-banking, EFT and interbank transfers). Customers pay directly from their bank account via their bank's own online/mobile banking portal. Implementation and rails differ by country, but the consumer flow is a standard account-to-account bank transfer.

Zip

Zip is Australia's leading homegrown BNPL provider, offering interest-free instalment options for online and in-store purchases. It has expanded internationally to New Zealand and the United States, but retains a dominant position in its home market, competing directly with Klarna and Afterpay. Shoppers split purchases into weekly or fortnightly payments with no interest charged on most plans.

Beem

Australian bank-backed digital wallet for instant payments, requests and online purchases. Operator: Australian Payments Plus (eftpos). Est. users: 1.6 million+ users (2024).

PayID / Osko

Real-time payment service on the New Payments Platform using PayID identifiers for instant transfers. Operator: BPAY Group / Australian Payments Plus (NPP). Est. users: 25 million+ PayIDs registered (2024).

Splitit

Splitit is a card-based installment BNPL that lets shoppers split purchases using the existing limit on their credit card with no new loan or application. Operator: Splitit Payments Ltd. Est. users: deployed across thousands of merchants (2024).

Wise

Wise (formerly TransferWise) is a multi-currency account and debit card; consumers pay online via the Wise card or balance, and it is offered as a checkout option at some merchants. Operator: Wise plc. Est. users: ~12.8 million active customers (2024).

Afterpay

Leading Australian BNPL service splitting purchases into four interest-free installments online and in-store. Operator: Afterpay (Block, Inc.). Est. users: 3.5 million active AU users (2024).

Click to Pay

Click to Pay is the EMVCo industry-standard secure online checkout letting shoppers pay with enrolled Visa, Mastercard, American Express, Discover, JCB and UnionPay cards without re-entering card details. Operator: EMVCo (global card networks). Est. users: hundreds of millions of enrolled cards (2024).

BPAY (Australia)

Australia's ubiquitous biller-code bill payment scheme accessed through online and mobile banking. Operator: BPAY Group (Australian Payments Plus). Est. users: Tens of millions of users (2024).

Humm

Australian BNPL provider for both small and larger-ticket installment purchases online and in-store. Operator: Humm Group Limited. Est. users: 2.7 million users globally (2024).

Laybuy

New Zealand BNPL service splitting purchases into six weekly interest-free payments at online checkout. Operator: Laybuy Group Holdings. Est. users: 900,000+ users (2024).

Afterpay / Clearpay

Afterpay is one of the most popular payment methods in New Zealand for online retail, enabling shoppers to split purchases into four fortnightly interest-free instalments. It is accepted by a wide range of New Zealand merchants and is particularly prevalent in fashion, beauty, and homewares. Afterpay is branded "Clearpay" in the UK but operates as Afterpay in NZ.

Apple Pay / Google Pay

The major international device-based wallets — Apple Pay, Google Pay and Samsung Pay — have been widely adopted in Kuwait alongside local prepaid cards. These wallets tokenise underlying debit and credit card credentials and are accepted at NFC-enabled point-of-sale terminals and participating online merchants. Their adoption reflects Kuwait's high smartphone penetration and consumer preference for contactless payments.

Featured banks in Australia

All banks operating in this market, sorted by prominence.

Industrial and Commercial Bank of China (ICBC)

Beijing, China

ICBC is the world's largest bank by total assets and the largest of China's 'Big Four' state-owned banks. It offers retail, corporate, and investment banking globally.

DBS Bank

Singapore

DBS Bank is Singapore's largest bank and Southeast Asia's leading bank, recognised globally for its digital innovation and strong retail, SME, and corporate banking.

HSBC Hong Kong

Hong Kong

HSBC is Hong Kong's largest bank and the note-issuing bank of the territory, offering retail, commercial, private, and investment banking.

JPMorgan Chase

New York, United States

JPMorgan Chase is the largest US bank and one of the world's largest financial institutions, offering consumer banking, investment banking, commercial banking, and asset management globally.

China Construction Bank (CCB)

Beijing, China

China Construction Bank is China's second-largest bank, specialising in infrastructure lending, housing finance, and corporate banking. It is one of the four largest banks in the world.

Bank of China (BOC)

Beijing, China

Bank of China is China's most internationally active bank, specialising in foreign exchange and cross-border trade finance. It is one of the Big Four state-owned banks.

ING Group

Amsterdam, Netherlands

ING Group is the Netherlands' largest bank and a leading European financial institution. It operates a digital-first universal banking model across Europe and globally.

MUFG (Mitsubishi UFJ Financial Group)

Tokyo, Japan

MUFG is Japan's largest bank and one of the world's largest financial groups, offering retail, corporate, investment, and trust banking globally.

Bank of America

Charlotte, United States

Bank of America is the second-largest US bank by assets, providing consumer banking, wealth management (Merrill Lynch), and global banking and markets services worldwide.

Citigroup (Citi)

New York, United States

Citigroup (Citi) is a global diversified financial services holding company, operating in 160+ countries. It is known for its institutional banking, treasury services, and consumer banking across emerging markets.

Commonwealth Bank of Australia (CBA)

Sydney, Australia

CBA is Australia's largest bank by market capitalisation and retail deposits, offering retail, SME, corporate, and institutional banking.

SMFG (Sumitomo Mitsui Financial Group)

Tokyo, Japan

SMFG is Japan's second-largest banking group, with operations in retail, corporate, investment, and consumer finance.

Goldman Sachs

New York, United States

Goldman Sachs is a leading global investment bank, providing investment banking, securities, asset management, and consumer banking (Marcus). It is a premier advisory firm for corporations and governments.

Morgan Stanley

New York, United States

Morgan Stanley is a global investment bank and wealth management firm, providing institutional securities, investment management, and wealth management services worldwide.

State Bank of India (SBI)

Mumbai, India

State Bank of India is India's largest bank by assets, deposits, and branches, a state-owned institution offering retail, SME, corporate, and international banking.

Westpac Banking Corporation

Sydney, Australia

Westpac is Australia's oldest bank, offering retail, SME, corporate, and institutional banking with a strong presence in New Zealand.

ANZ Banking Group

Melbourne, Australia

ANZ is Australia's third-largest bank, with a strong institutional banking franchise and significant presence across Asia-Pacific and New Zealand.

NAB (National Australia Bank)

Melbourne, Australia

NAB is Australia's fourth-largest bank, focusing on SME and corporate banking, with retail operations and a strong agribusiness franchise.

ANZ New Zealand

Auckland, New Zealand

ANZ NZ is New Zealand's largest bank, a subsidiary of ANZ Banking Group, offering retail, SME, and corporate banking.

Rabobank

Utrecht, Netherlands

Rabobank is a Dutch cooperative bank and global leader in food and agribusiness financing. It is one of the most financially sound banks in the world.