Consumers love Visa/Mastercard debit

Debit cards are continuing to eat away at the market share of credit cards and Eftpos cards. Debit transactions are growing at the expense of credit and within the debit transaction category, debit card transactions are gaining share from Eftpos according to RBA data analysed by MWE consulting.

23.7 per cent of all debit transactions were made with a Visa or Mastercard debit card in February 2009, up from 21.3 per cent in March 2008.

The Eftpos system is under competitive pressure from the debit cards and may eventually die if the system’s owners, the banks and big retailers, do not invest in it say experts.

Source: Australian Financial Review