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New data shows Australians are turning their back on credit and using debit – NEWS.com.au
New data shows Australians are turning their back on credit and using debit
Coronavirus has prompted a major shift in the way Australians are making payments, new data from the nations peak banking body shows.The Australian Banking Association has found debit has become the most popular mode of payment since the beginning of the pandemic and has dwarfed credit card transactions by more than threefold.
According to the ABA, cash transactions, which are mostly measured by the volume of ATM withdrawals, have not recovered and are still well below pre-virus levels.
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