EFTPOS losing debit war to Visa and MasterCard

Visa and MasterCard debit card transactions are growing faster than EFTPOS for the third month in a row.

MWE Consulting noted in its monthly analysis of RBA payments data that “the last few months has seen a rebound in the share of value of purchases made with a scheme debit card.”

While scheme debit use is picking up, so are payments on American Express and Diners Club cards.

MWE noted that credit card balances attributed to bank issuers reporting to APRA dropped by 0.1 per cent over the March 2011 quarter, while other issuers increased balances by 1.2 per cent.

Source: Banking Day