Debit Cards - More And More In Use In Australia

In Australia it has been more than 20 years that Debit Cards have been used in EFTPOS machines

. Ever since 1988 when the first 'switch card' transaction happened, the Australian public has turned out to be comfortable with using 'plastic' for acquisitions. By 1995 Debit Cards had gone beyond credit cards in recognition and within just 3 more years dealings with it were more frequent than cheque payments. When you think about it these are main transformations in the way we execute business.

All generations have got accustomed to making use of 'plastic' for purchases and for the imbursement of demands for payment. There is no doubt that it is faster and easier to deal in money, once you are familiar with the method.

In 1990 there were more than 19 million Debit Cards in supply and the fame has sustained till today. In 2006 there were more than 27.8 million Debit Cards in operation. There is a slowdown in the amount of new ones which is rational as lots of people now have them, however it is expected that there will be 34.4 million, in use by 2016.

At first, there was a concern with fraud concerning Debit Cards, however with the introduction of the PIN (Personal Identification Number) and the chip technology, the public has turned out to be more accepting of its use.

Confirming its recognition is Visa who claims that the Debit Card is the highest growing consumer product ever released by their company with approximately 70 million people using it every month and with more than 115 million people carrying it.

A very remarkable fact that has come to light is that more than 20 million transactions of below $10 each are made yearly which has made people speculating if hard cash is going to go the way of cheques and be used less and less. Rising credit card debt has troubled not only the consumers but banks and government also, therefore it would not be shocking to see debit cards gradually substituting most credit cards as people try to draw back their debt.

Some of the Top Debit Cards

ANZ Access Advantage - An incredible Visa anz debit card with unrestricted transactions for $5 a month and purchase safety with the ANZ 'Falcon'. ANZ also put forward a 50% discount on their monthly charge for students. Also offers access to Visa Entertainment comprising access to everything from shows to cinemas, sport events and travel offers.

St. George Debit Card - Offers an online assurance with St.George secure and 10 free SMS alerts when joined to a Complete Freedom account. Moreover Access to Visa Entertainment is there, too.

by: Mike Anderson

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