Stephen Benton, eftpos Managing Director, agrees. "eftpos research shows payment choice is hugely important to customers and we’re excited ANZ debit cardholders will for the first time have the option to select eftpos to make a transaction from their CHQ or SAV account with Apple Pay".
“We are now developing ways to help customers keep control of their money whilst having access to state-of-the-art functionality, like using their eftpos card on mobile,” said Benton.
According to data from the Reserve Bank of Australia, the value of debit transactions has been climbing for more than five years at almost the same rate the value of charge and credit transactions has been falling.
According to Mike Ebstein, principle of MWE Consulting, “in 2003, debit cards accounted for a 48 per cent share of purchase transactions made with a card in Australia”.
“That has now increased to over 69 per cent and (as can be seen in the following graph), the switch from debit to credit accelerated somewhat over the last 18 months.”