Visa/MasterCard debit cards killing Eftpos

The Eftpos system is slowly but surely losing its grip on the debit payment market according to an analysis of Reserve bank payments data by MWE Consulting. Debit is increasing its share of the value of card purchases at the expense of credit cards, but within the debit category Visa and MasterCard debit is gaining share from Eftpos.

Scheme debit share of debit purchases, by value, rose from 21.3 per cent in March 2008 to 23.7 per cent in February this year. The average size of a purchase made with a scheme debit card is about 50 per cent greater than an Eftpos purchase. Purchases made with Visa or MasterCard debit cards are smaller than purchases made with Visa or MasterCard credit cards – about two-thirds the value.

Source: The Sheet