Turns out a whole damn lot of you are asking “Do you take card?”
According to new survey data released by the Reserve Bank of Australia, card payments have overtaken cash payments as the most frequently used payment method for the first time ever. We are all addicted to the plastic fantastic, people.
The primary reason? The introduction of tap-and-go payments, where you can simply wave your card (or even ya bloody phone now) in front of an Eftpos terminal for any payment below $100. The only times where cash wins out is with transactions below $10, which we’ll just blame on that one pesky cafe with a “minimum $10 for card” sign. You know the one.
Also worth noting is that us young people (their words, not mine) are increasingly using bank account-linked debit cards over credit cards, at a rate of four payments to one. I guess the generation that was raised amidst the biggest financial crisis in decades would be more than a little suspicious of lines of credit. Maybe.
The survey, which tracked over 1,500 participants during a selected week, also highlighted our notorious addiction to online shopping. As well as card payments, online payment platform PayPal is on the rise, overtaking BPay as the third-most frequently used payment method. Because paying your rent and bills is nowhere near as satisfying as going on an ASOS spree, amirite?
The future is now.
Source: Reserve Bank of Australia.
Photo: Batman and Robin.
