How do we pay? Credit cards, PayID and Osko, says RBA

The latest round of RBA payments data has revealed new trends in consumer spending, with ATM use dropping and Paypal use increasing.
Here are the numbers:
Among the biggest losers in the last year, ATM withdrawals have seen a large decrease over the last 12 months. Although September saw a slight increase of 4% in transactions, ATM withdrawals still saw a 21.4% regression in the preceding year. The value of ATM withdrawals also saw a 16.9% decrease.
Meanwhile the number of total purchases on Australian-issued cards has remained quite steady, according to the RBA. The 932.8 million transactions across both debit and credit cards in the month of September 2021 was a 0.3% increase on the prior month, and just a growth of 0.01% in the prior 12 months.
Of those transactions, credit and charge cards saw the biggest decrease in transactions, falling 2.4% in the 12 months to September 2021, although the value of those transactions actually grew by 2% on the prior year. Debit cards too saw an increase in spending, with a 1% yearly growth in transactions leading to a 6% growth in transaction value.
The number of transactions perhaps is more helpful is showing the popularity of these spending methods, whereas the value of purchases is hard to unpack.
New Payment Platform transactions (NPPs), which refers to payments making use of the services PayID and Osko, have seen a large increase in total transactions and their value in the last year. The 84 million transactions using NPPs in September was actually a fall of 0.4% from the prior month, but contributed to a 63.4% growth in the prior 12 months.
The $90.6 billion that NPP transactions accounted for in the month of September equated to a 2.8% fall on the prior month, although the value of NPP transactions saw a growth of 83.4% in the last year.
Paypal and buy now pay later
In other alternatives, the latest Roy Morgan payments data found that Aussies were using Paypal a record amount during the COVID-19 pandemic. Over 47% of Australians had used Paypal within the last 12 months, reversing a trend of users leaving the service for other alternatives such as Buy Now Pay Later (BNPL).
The Roy Morgan data also found that more than 78% of Aussies are now aware of BNPL services, although only 3.5 million Australians (16.6%) had used one within the last 12 months.
There is still a lot of belief in the future of BNPL services, with Silicon Valley tech giant Square entering a $39 billion agreement to purchase industry-leader Afterpay, as an example. And, a number of Aussie banks have begun launching their own 0% interest credit cards in order to compete with BNPL services as the number of transactions on traditional cards fall.
Want to learn more about the future of payments? Check out our piece on the future of credit cards to see how consumer trends are shifting.
Head over to our credit card hub to compare cards, or head to our buy now pay later hub for everything BNPL.
Low interest credits cards - last updated 13 August 2022
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Virgin Money No Annual Fee Card
Virgin Money No Annual Fee for the life of the card. 0% p.a. for 12 months on purchases (reverts to ongoing purchase rate) and balance transfers (reverts to cash advance rate).
Purchase rate
0% p.a. for 12 months then 18.99% p.a.Balance transfer rate
0% p.a. for 12 months and then 20.99% p.a.Annual fee
$0CompareCompareNo Annual Fee Card
Virgin Money No Annual Fee for the life of the card. 0% p.a. for 12 months on purchases (reverts to ongoing purchase rate) and balance transfers (reverts to cash advance rate).
- Purchase rate
- 0% p.a. for 12 months then 18.99% p.a.
- Balance transfer rate
- 0% p.a. for 12 months and then 20.99% p.a.
- Annual fee
- $0
- Purchase rate
- 0% p.a. for 12 months then 18.99% p.a.
- Intro purchase rate
- 0% p.a. for 12 months
- Balance transfer rate
- 0% p.a. for 12 months and then 20.99% p.a.
- Cash advance
- 20.99% p.a.
- Interest free days on purchases
- 55
- Intro fee
- Foreign exchange margin
- 3.30%
- Annual card fee
- $0
- Late payment fee
- $30.00
- Cash advance fee
- 2.7%, Min $2.70
Read our Mozo Review to learn more about the No Annual Fee Card
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Apply By 31 Oct 2022
Westpac Low Rate - Cashback Offer
Enjoy a super low rate of 13.74% with 55 days interest free plus up to $200 cashback - $50 cashback for each month you spend $1,000 or more on eligible purchases in the first 4 months from card approval. New Cards only. T&C's and exclusions apply.
Purchase rate
13.74% p.a.Balance transfer rate
6.99% p.a. for 12 months and then 21.49% p.a. (1.00% balance transfer fee)Annual fee
$59CompareCompareLow Rate - Cashback Offer
Enjoy a super low rate of 13.74% with 55 days interest free plus up to $200 cashback - $50 cashback for each month you spend $1,000 or more on eligible purchases in the first 4 months from card approval. New Cards only. T&C's and exclusions apply.
- Purchase rate
- 13.74% p.a.
- Balance transfer rate
- 6.99% p.a. for 12 months and then 21.49% p.a. (1.00% balance transfer fee)
- Annual fee
- $59
- Purchase rate
- 13.74% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 6.99% p.a. for 12 months and then 21.49% p.a. (1.00% balance transfer fee)
- Cash advance
- 21.49% p.a.
- Interest free days on purchases
- 55
- Intro fee
- Foreign exchange margin
- 3.00%
- Annual card fee
- $59
- Late payment fee
- $15.00
- Cash advance fee
- 3%
Read our Mozo Review to learn more about the Low Rate - Cashback Offer
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Apply By 31 Aug 2022
St.George Vertigo - Balance Transfer Offer
0% p.a. for 32 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply.
Purchase rate
13.99% p.a.Balance transfer rate
0% p.a. for 32 months and then 21.49% p.a.Annual fee
$55 $0 in the first yearCompareCompareVertigo - Balance Transfer Offer
0% p.a. for 32 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply.
- Purchase rate
- 13.99% p.a.
- Balance transfer rate
- 0% p.a. for 32 months and then 21.49% p.a.
- Annual fee
- $55 $0 in the first year
- Purchase rate
- 13.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 32 months and then 21.49% p.a.
- Cash advance
- 21.49% p.a.
- Interest free days on purchases
- 55
- Intro fee
- 0.0
- Foreign exchange margin
- 3.00%
- Annual card fee
- $55 $0 in the first year
- Late payment fee
- $15.00
- Cash advance fee
- 3%
Read our Mozo Review to learn more about the Vertigo - Balance Transfer Offer
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Virgin Money Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Get in the air with a $129 Virgin Australia Gift Voucher each year. 0% p.a. for 28 months on balance transfers.
Purchase rate
20.74% p.a.Balance transfer rate
0% p.a. for 28 months and then 20.99% p.a.Annual fee
$129 $0 in the first yearCompareCompareVirgin Australia Velocity Flyer Card - Balance Transfer Offer
Get in the air with a $129 Virgin Australia Gift Voucher each year. 0% p.a. for 28 months on balance transfers.
- Purchase rate
- 20.74% p.a.
- Balance transfer rate
- 0% p.a. for 28 months and then 20.99% p.a.
- Annual fee
- $129 $0 in the first year
- Purchase rate
- 20.74% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 28 months and then 20.99% p.a.
- Cash advance
- 20.99% p.a.
- Interest free days on purchases
- 55
- Intro fee
- 0.0
- Foreign exchange margin
- 3.30%
- Annual card fee
- $129 $0 in the first year
- Late payment fee
- $30.00
- Cash advance fee
- 2.7%, Min $2.70
Read our Mozo Review to learn more about the Virgin Australia Velocity Flyer Card - Balance Transfer Offer
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Mozo experts choice awards won:
- Credit Card Provider of the Year - 2021
American Express Low Rate Credit Card
Competitive low rate with $0 Annual Fee. Offers Card Refund Cover and Card Purchase Cover. Customers need an annual income of $50,000 or more.
Purchase rate
8.99% p.a.Balance transfer rate
No current offerAnnual fee
$0CompareCompareLow Rate Credit Card
Competitive low rate with $0 Annual Fee. Offers Card Refund Cover and Card Purchase Cover. Customers need an annual income of $50,000 or more.
- Purchase rate
- 8.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $0
- Purchase rate
- 8.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- Interest free days on purchases
- 55
- Intro fee
- Foreign exchange margin
- 3.00%
- Annual card fee
- $0
- Late payment fee
- $30.00
- Cash advance fee
Read our Mozo Review to learn more about the Low Rate Credit Card
^See information about the Mozo Experts Choice Credit Card Awards
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