Visa and Mastercard Debit cards Taking Charge in AU

24 August 2009




Strong Leap Over Same Period Last Year


Consumers
put a little more on their credit cards in June but the long term trend
continues to be for shoppers to cut back on their use of credit. The
latest credit card data from the Reserve Bank, published yesterday,
shows that the average card balance rose from $3,094 in May to $3,127
in June but that June figure is down 0.2 per cent on a year ago.



The big
news is the growth in debit, particularly Visa and Mastercard debit
cards.

The value of purchases made on debit cards in June was 40 per
cent higher than in the same period last year
.


Debit now makes up 35.8
per cent of card payments in Australia.  According to MWE Consulting, debit accounts
are increasing at more than twice the rate of credit and charge
accounts.


“Scheme debit has increased from a 21.3 per cent share of the
value of debit purchases in March 2008, when data commenced, to 26.7 in
June this year. Share rose 24 per cent over the past 12 months and the
trend shows no signs of abating.”






Source : The Sheet

Posted by John B. Frank Monday, August 24, 2009

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