Debit cards on rise but credit still number one
Australians are increasingly opting for debit cards rather than conventional credit cards. Over the past 12 months, the number of debit cards issued has increased by 16.3 per cent. Bruce Mansfield of Visa says the take-up of debit cards is largely attributable to demand from the youth sector. Mansfield believes that debit is more appealing to young people and consumers hesitant to take on more debt. The Australian Merchant Payments Forum is concerned that banks are pushing the debit cards in an attempt to reduce use of the EFTPOS system.