Australians love ecommerce as much as they love a game of backyard cricket. One of the world's most developed ecommerce markets in terms of volume, Australians are also the second-most likely population to buy online from overseas businesses. Pair this with its world-renowned retail and tourism sectors, and you can see why Australia is an attractive market to enter.
Cards dominate the Australian payments methods, both in store and online, but alternative payments methods are growing in popularity. Aussies are all aboard the 'buy now, pay later' train, with 22% of Australian consumers preferring to pay via Buy Now, Pay Later services like Afterpay. Eftpos is Australia’s local debit card scheme with 49 million cards in circulation. These come in a mix of proprietary cards, dual-branded (with Visa or Mastercard), or to a lesser extent, as prepaid cards. Wallets including Apple Pay and Google Pay ™ are growing. 65% of in-store payments are contactless with the PIN limit set at AU$100.
Businesses can benefit from higher card authorisation rates by using Adyen Australia's local acquiring solution. Processing domestically also means you’ll benefit from the Australian Interchange fees cap.