Aussie consumers are increasingly embracing the card payments as they made more than 8.3 billion payments using cards in 2017 at a rate of nearly 23 million transactions per day.
The revelation was made by the Australian Payments Network (AusPayNet) in its recently published report ‘Digital Economy’.
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Highlighting the popularity of card payments among Australian consumers, the report stated that about 7 in 10 of these card payments were made with a debit card. As a result, debit card payments surged 15.3% to 5.6 billion in 2017, and increased 87% since 2012.
According to the report, cash is no longer king in Australia whereas cheques are also losing its sheen with the growing consumer preference for digital payments and Australia’s shift to a digital economy.
The payments industry self-regulatory body said that the number of cheques used decreased around 19.7% to 89.7 million in 2017, while the number of ATM withdrawals declined 5.9% to 610.1 million.
AusPayNet CEO Leila Fourie said: “The continued shift to digital payments is not surprising given how connected and mobile our society is. Almost 9 in every 10 Australians own a smartphone, and more than 3 in every 5 use them to make payments. This is driving uptake in digital payments and laying down a powerful base for the next wave of payments innovation.”
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By GlobalDataThe Digital Economy report also indicates that consumers are accepting e-commerce, with 72% purchasing online in 2016-17, an increase of 61% from two years earlier. The value of online spending continues to grow and was up 15.1% in 2016-17 compared to previous year.
