Visa debit taking over from credit

Spending on Visa debit cards grew 12.7 per cent to $13.5 billion last year, while spending on credit grew just 3.1 per cent to $86.5 billion. Last week ANZ became the first of the big banks to launch a Visa debit card. Growth in Visa debit is being driven by online shopping says Visa. Four million Visa debit cards were on issue in December last year, compared with eight million Visa credit cards. Visa expects global debit card transaction to top 91 billion by 2010. There were 73 billion credit card transactions in 2004.

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