July 27, 2017Blog Posts

Cards overtake cash for consumer payments in Australia

Finextra:

Cards have overtaken cash as the primary method for consumer payments in Australia, according to data released by the country’s central bank. The Reserve Bank’s triennial Consumer Payments Survey (CPS) recorded information on around 17,000 day-to-day payments made by over 1500 participants during a week. Cards were the most frequently used means of payment in the 2016 survey, overtaking cash for the first time, driven by the growing popularity of contactless tap-and-go transactions.

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