fbpx
Click here for the latest banking information on COVID-19

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
Op-Ed
Efficient and Responsible: Getting the Lending Balance Right
25 November 2020

Access to credit opens up opportunities and fulfills aspirations. Getting it right requires the right balance between consumer protections and the flow of credit.

Read more
Transcript
TRANSCRIPT: ABA CEO Anna Bligh on ABC Radio’s AM 18 November “a chance to get back on their feet”
18 November 2020

Interviewed by AM’s Peter Ryan, ABA CEO Anna Bligh talked about the substantial drop in loan deferrals since their peak during the pandemic, falling from 900,000 to 300,000.

Read more
Media Releases
Majority of deferred loans back on track
17 November 2020

The number of deferred loans has fallen below 300,000 – a reduction of almost 70% since the peak earlier this year.

Read more