澳大利亚的分期付款（Buy Now Pay Later，BNPL）行业正面临增长瓶颈。年度支出增速从2010年代末的30亿澳元大幅放缓至2025年的15亿澳元[1]。至少8家BNPL平台自2022年以来已退出澳大利亚市场[1]，目前仅有PayPal、Klarna、Zip和Afterpay四家主要运营商继续运营[1]。
2025年的监管改革进一步压缩了行业空间。澳大利亚将BNPL重新定义为信用形式，要求平台开展信用检查并报告账户信息[1]，这一措施直接冲击了用户增长——2025年前半年新账户申请同比下降35%[1]。相比之下，信用卡消费仍是BNPL消费的20倍，达220亿澳元对15亿澳元[1]。
在现存运营商中，Afterpay拥有最多用户，达450万人，而Klarna、PayPal和Zip各拥约200万用户[1]。Afterpay在澳大利亚的2024-2025财年滞后费收入达1.23亿澳元[1]，其Plus订阅服务也实现增长，费用收入从前一年的2280万澳元增至4250万澳元[1]。不过该公司澳大利亚业务仍未扭亏，2025年商户费用收入625百万澳元的基础上实现税前亏损7.41亿澳元[1]。
Australia's buy now, pay later sector is experiencing a significant slowdown after years of rapid expansion. Annual BNPL spending growth has decelerated from approximately 3 billion Australian dollars in the late 2010s to 15 billion Australian dollars in 2025 [1]. At least eight BNPL platforms have exited the Australian market since 2022, leaving only four major operators—PayPal, Klarna, Zip, and Afterpay—currently active in the country [1]. PayPal, Klarna, and Zip each serve approximately 2 million users, while Afterpay maintains a larger user base of 4.5 million [1].
The industry's contraction has accelerated following regulatory changes introduced in 2025 that classify BNPL as a form of credit and mandate credit checks and account reporting [1]. In the first half of 2025, new BNPL account applications declined 35 percent compared to the same period the previous year [1]. For context, BNPL spending remains modest relative to traditional credit, with credit card consumption reaching 220 billion Australian dollars against BNPL's 15 billion [1].
Despite industry headwinds, Afterpay continues to generate revenue through multiple channels. The platform collected 123 million Australian dollars in late fees during the 2024-2025 financial year in Australia [1]. Afterpay's subscription service, Afterpay Plus, has shown growth, with fee revenue increasing from 22.8 million Australian dollars in 2024 to 42.5 million Australian dollars in 2025 [1]. However, the company reported a pre-tax loss of 741 million Australian dollars in Australia for 2025, despite merchant fee revenue of 625 million Australian dollars [1]. The company has also acquired naming rights to Sydney Olympic Park's athletics venue, which is now branded as Afterpay Arena [1].