Please Wait.....
Report
Australia Fintech - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029
Market Report I 2024-02-17 I 140 Pages I Mordor Intelligence
The Australia Fintech Market size in terms of transaction value is expected to grow from USD 4.11 billion in 2024 to USD 6.72 billion by 2029, at a CAGR of 10.32% during the forecast period (2024-2029).
The COVID-19 pandemic had a big effect on the Australian fintech market because it sped up the adoption of digital financial services and pushed innovation in the sector. One of the biggest effects of the pandemic was the move toward online banking and digital payments since many people couldn't or didn't want to go to physical bank branches because of social isolation. This made people want more fintech solutions like mobile banking apps, online lending platforms, and digital payment systems that let them access financial services from afar.
The pandemic made people realize how important it is to be financially stable, so many Australians started looking for new ways to handle their money and investments. This made it possible for new fintech solutions to be made in areas like wealth management and insurance. Overall, the COVID-19 pandemic sped up the adoption of digital financial services and pushed innovation in the Australian fintech market. Post-pandemic, the market is expected to continue to shape the fintech market in the years to come.
With over 800 fintech companies based in all Australian state and territory capitals, Australia has one of the world's most exciting and dynamic fintech industries. Australia's payments regulation in the digital age, including a new regulatory class for Stored Value Facilities and a system-wide review, and building on our collaboration with key partner nations, including the UK and Singapore, have made the Australian Fintech Industry grow at a very high pace. New players in the consumer and SME lending subsectors, as well as more buy-now-pay-later providers, are helping the number of fintechs in the lending sector grow. The growth of fintech related to blockchain and cryptocurrencies is in line with the general interest and support for the technology asset class. Despite the fact that delays in APRA's licensing process have had an impact on several neobanks, the neobank sector is still evolving across Australia.
Australia Fintech Market Trends
Digital ID Framework Witnessing Growth in Australia Fintech Market
The digital ID framework is witnessing growth in the Australian fintech market. The framework was launched by the Australian government in 2018 to enable individuals and businesses to verify their identities online securely and conveniently. This framework provides a set of standards and guidelines for digital identity verification that can be used by fintech companies and other organizations to develop their digital identity solutions.
The framework is becoming more popular in the fintech market as more companies want to offer digital financial services and need safe ways to verify their identities. Also, the COVID-19 pandemic made more people switch to online banking and payment platforms, which sped up the adoption of digital identity solutions. The Digital ID Framework is also seen as an important way to stop identity fraud and make sure that financial services companies follow the rules. It enables businesses to verify the identities of their customers more efficiently and securely, which can help reduce the risk of fraud and money laundering. Overall, the Digital ID Framework is expected to play a significant role in the growth of the Australian fintech market, as more businesses look to develop innovative digital financial services and improve their identity verification processes.
Blockchain/ Cryptocurrency Witnessing Growth in Australia Fintech Market
Australia is home to blockchains, which serve as a new fintech unit in Australia. It has also introduced a new digital identity solution that will serve as a standalone fintech division. The increasing investments in cryptocurrency are witnessing an average industry growth of 88.2%, projecting growth in the fintech market of Australia throughout the forecast period.
Australia Fintech Industry Overview
The Australian fintech market is very competitive and split up, and Australia's digital payment landscape, which is growing quickly but is still split up, is starting to see the first signs of market consolidation. In just five years, the number of fintech companies has grown by a factor of five. Australia's market also has a wide range of new companies entering many fintech subsectors all over the country. Australian groups such as Paytron, Airwallex, Zeller, and many more have been focusing on innovating the fintech industry and leading the Australian fintech market to new heights.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definitions
1.2 Scope of Study
2 RESEARCH METHODOLOGY
3 EXCEUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights on Regulations And Industry Policies Impacting Fintech Market in Australia
4.5 Revenue And Funding Statistics Related to Fintech Landscape
4.6 A Brief on Internet And Smartphone penetration in Australia
4.7 Consumer Needs And Behaviour Analysis - From Fintech Perspective
4.8 Industry Attractiveness - Porter's Five Forces Analysis
4.8.1 Bargaining Power of Buyers
4.8.2 Bargaining Power of Suppliers
4.8.3 Threat of New Entrants
4.8.4 Threat of Substitutes
4.8.5 Intensity of Competitive Rivalry
4.9 Insights of Technology Innovations in the Market
4.10 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By Service proposition
5.1.1 Money Transfer and Payments
5.1.2 Savings and Investments
5.1.3 Digital Lending & Lending Marketplaces
5.1.4 Online Insurance & Insurance Marketplaces
5.1.5 Other Service Propositions
6 COMPETITIVE LANDSCAPE
6.1 Market Competition Overview
6.2 Company Profiles
6.2.1 Zeller Australia Pty Ltd.
6.2.2 Paytron Pty Ltd.
6.2.3 mx51 Pty Ltd.
6.2.4 Airwallex Pty Ltd.
6.2.5 Athena Mortgage Pty Ltd.
6.2.6 DiviPay
6.2.7 Judo bank
6.2.8 Afterpay Touch
6.2.9 Sofi
6.2.10 Wise
6.2.11 Stripe*
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 DISCLAIMER AND ABOUT US
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security