Shoppers choosing debit over credit

The trend to debit Visa and Mastercard cards continues to grow. Debit share of card payments increased from 34.7 per cent in January last year to 36.6 per cent 12 months later. Credit share fell from 52.8 to 52 per cent over the same period and charge card share fell from 12.5 to 11.4 per cent.

CommSec general manager for products and development, Elicia Kunovski said the use of debit would continue to grow as consumers came to understand it better. CommSec launched a cash account in 2008 and issued a MasterCard debit card with the account. Kunovski said consumer awareness of scheme debit was low.

CommSec is working with MasterCard on education programs to teach consumers about the additional functions of scheme debit, such as online purchasing.

Source: Banking Day