Video PlayerClose SYDNEY, Sept. 14 (Xinhua) — A survey conducted by the Reserve Bank showed that the Australian consumers have increasingly preferred to use electronic payment methods rather than cash for day-to-day payments. The 2019 Consumer Payments Survey (CPS), issued by the Reserve Bank on Monday, was one of the latest surveys conducted by the bank every three years since 2007. According to the survey, debit cards were the most frequently used means of payment in 2019, overtaking cash as the single most commonly used payment method for the first time. Payment by cards, including both debit and credit cards accounted for 63 percent of the number of consumer payments in 2019, compared with 52 percent three years earlier. More recently, the switch to electronic payment methods is likely to have accelerated as a result of consumer and merchant responses to COVID-19. One of the most notable developments in recent surveys has been the strong growth in contactless card payments as a result of widespread adoption of this functionality by consumers and merchants. The share of in-person payments made by tapping a debit or credit card on a card terminal increased to 50 percent in 2019, from 10 percent in… Read full this story
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