Young people like debit card accounts

Cash is used in 47 per cent of transactions, down from almost 70 per cent in 2007, according to the Reserve Bank.

Debit and credit card payments jumped from 26 per cent to 43 per cent. About two thirds of cardholders now have a contactless payments card.

Young people have preference for debit because they are using their own money said Tony Richards from the RBA. “Younger households are much more likely to use debit cards than credit cards.”

Source: The Australian

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