Debit card revolution continues!

1 February 2018

When Australians reach to pay for something, the debit card, using their own money, is often their first choice.

In fact, debit card usage continues to outstrip all other cards, with a whopping 5.6 billion transactions over the year ending November 2017.

Australian Bankers’ Association analysis of RBA data shows that debit card transaction rates have been solidly growing at 12 per cent or more for the past 10 years. In real numbers this means we’re performing 4.1 billion more debit card transactions than we did 10 years ago.

ABA Chief Economist Tony Pearson said this is really good news as it shows more and more that we’re making a conscious choice about how to pay for something, and frequently this involves using our own money.

“Things haven’t always been this way. In 2006 debit and credit cards were used equally, now debit cards outstrip credit card use by two to one. That’s quite a change in just 12 years,” he said.

“And according to the data, ATM use is down by 6 per cent, but this doesn’t mean we’re not getting cash out. It actually points to the fact that the words, ‘any cash out?’ are uttered regularly where ever we shop.

“I think that these numbers clearly demonstrate that consumers have so much more choice when it comes to how they pay, debit card, credit card, eftpos or cash. Choice is always a win for the consumer,” Mr Pearson said.

ENDS
Contact: Rory Grant 0475 741 007 

Latest news

1 / 3
Media Release
One step closer to protecting older Australians
17 October 2019

The Stop Elder Financial Abuse campaign today held a Federal Parliament launch to brief Members and Senators on the actions needed to tackle the growing problem. Speaking at the launch Attorney General Christian Porter announced his plan for the next Council of Attorneys General meeting to set baseline standards of a national model of Power… Read more »

Read more
Transcript
Transcript – Media Conference 14 Oct 2019
14 October 2019

TRANSCRIPT E&OE  14 October 2019 Media Conference Parliament House Canberra  ANNA BLIGH:  Australia’s banks stand ready to assist the ACCC with this inquiry. Our banks are no strangers to public scrutiny and they look forward to providing information that will shed more light on the many complex factors that go into the determination of interest rates on Australian mortgages.    QUESTION:   Why have you passed on so little of the 75 percentage… Read more »

Read more
Media Release
Statement from CEO Anna Bligh regarding ACCC inquiry
14 October 2019

Australia’s banks stand ready to assist the ACCC in this inquiry. Banks are no stranger to public scrutiny and look forward to the opportunity to cast more light on mortgage pricing and the many important factors that influence the setting of interest rates. The first priority of Australia’s banks is the implementation of the Royal… Read more »

Read more