Debit card customers set to spend $10bn online

Aussie consumers are expected to spend about $10 billion while shopping on the internet with their credit and debit cards over the coming five years.

This is according to forecasts by IBIS World, which indicated that online firms are set to enjoy an increase in revenue of 8.6 per cent over this period, reports the Australian Associated Press (AAP).

Russell Zimmerman, president of the Australian Retailers' Association, asserted that improvements in the speed of delivery and a growth in competition in the online market is set to drive the increase.

"I think we'll see internet retailing evolve and become stronger and change its direction," he stated.

However, he added that some consumers will still prefer to purchase goods from local suppliers because they have greater confidence that they can return items that are faulty or unwanted.

This comes after Detective Superintendent Brian Hay, from the Queensland Fraud and Corporate Crime Group, asserted that Aussies might benefit from a credit card that can only be used in their home country as it could reduce the chance that their details will be stolen and used overseas, the AAP reported.

Have a question about debit cards? Ask the money gurus at Mozo Answers. ADNFCR-1761-ID-800759113-ADNFCR