Credit cards usage declines in Australia

Thursday 25 July 2019 08:42 CET | News

The total number of credit cards in Australia has decreased to 14.6 million, compared to 15 million in 2018, according to illion’s Credit Card Nation report.

The report suggests that Australia has surpassed ‘peak card’ and is currently on a long-term downward trend in terms of credit card ownership.

Other key findings:

  • card-based transactions are likely to continue to fall in volume due to the rise of alternative payment systems, such as direct debit, PayPal, BNPL, and payment through social platforms;

  • as credit lenders have adjusted their assessment criteria based on increased pressure from regulators, credit users who were already problematic are finding it more difficult to obtain further credit;

  • millennials are currently the only group that have increased ownership of credit cards; 

  • millennials are using both credit cards and buy now pay later services.

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Keywords: Australia, pay later, credit card, ecommerce
Countries: World