Debit cards 'most popular payment method among younger generation'

Wednesday 31 August 2011

Article by Mozo

More people between the age of 18 and 34 prefer to use debit cards over any other payment method, new research indicates.

Young Aussies 'prefer debit cards'

A study by RFi revealed that 40 per cent of those in this age bracket asserted that they would rather use debit cards than cash, credit cards or EFTPOS.

Brett Morgan, executive director customers at ING, told the International Business Times: "It's likely debit cards have become more convenient due to the wide acceptance of debit and the trend towards people using their own money – whether over the counter, by phone or online."

While younger generations were the most passionate about this form of plastic, debit cards were also popular with those between the ages of 35 and 54, with one-third of this age group embracing the payment type.

Earlier this month, New South Wales fair trading minister Anthony Roberts called on federal treasurer Wayne Swan to intervene to prevent a rise in fees charged by banks to merchants for payments using debit cards.

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