Credit cards and ATMs on the outer
Payments system data
What happened? The Reserve Bank released payment system data for June. Credit cards continue to fall from favour together with ATM use. But cheques continue to be used – especially for high-value transactions.
Implications: As the Reserve Bank Governor noted on Friday, the payments system continues to change. But despite the rise of buy-now-pay-later, there is still a lack of system wide data on its use. The data highlights the changes faced by financial providers.
The Statement on Monetary Policy is the comprehensive quarterly assessment from the Reserve Bank. The forecasts assist businesses in planning.
• Credit cards, debit cards, ATMs, cheques – June
• There are 13.3 million credit & charge card accounts – the lowest number in 14½ years.
• There are 17.9 million cards attached to those credit card accounts.
• The average credit card purchase is $102.
• The average credit card balance is $2,935 – broadly the same as 14 years ago.
• Credit card customers utilise on average 30 per cent of their limits, just off record lows.
• There are 35.5 million debit card accounts, up 3.4 per cent on a year ago.
• There are 41.1 million debit cards attached to those debit card accounts.
• The average debit card purchase is $47.
• There were 31 million ATM withdrawals in June, totalled $8.3 billion – 13 month lows.
• The average ATM withdrawal in June was $267 – a 9-month high.
• In June, 2.8 million cheques were drawn totalling $31.2 billion (average $11,258 – near record highs).
• There were 10.25 million stored value (prepaid) cards in June, totalling $853 million (average $83).
• The $853 million on prepaid cards in June was a record low (38 months of data)