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.
Contact: Rory Grant 0475 741 007
Australians affected by the catastrophic bushfires across parts of Australia are encouraged to contact their bank to access a wide range of assistance available.
Senior bank representatives have today heard firsthand of worsening drought conditions from farmers affected at a roundtable convened by AgForce Queensland. The roundtable, held at the request of AgForce just outside Toowoomba in Nobby, brought together senior banking representatives responsible for agricultural lending as well as local farmers and community groups. CEO of the Australian… Read more »
The Australian Securities and Investments Commission (ASIC) has given the final approval for a new version of the Banking Code of Practice 2019 that implements recommendations of the Royal Commission. The approval comes after the Australian Competition and Consumer Commission (ACCC) gave authorisation in November this year for the Royal Commission changes to the Code… Read more »