Payment cards have overtaken cash as the most frequently used payment method in Australia.
Debit cards and credit cards are the most common payment method used by Australians today.
Most in-person payments are ‘contactless’, online shopping is increasingly popular and mobile payments are gaining traction.
Financial institutions issue debit cards and credit cards supported by the international card schemes (Visa, MasterCard), as well as debit cards supported by the domestic debit card scheme, eftpos Payments Australia. Charge cards are issued by American Express, Diners Club, JCB and others.
Dual-network debit cards have point-of-sale debit functionality from the domestic debit card scheme network and an international card scheme network. Merchants are able to send a dual-network contactless debit card transaction via the debit network of their choice, for example, because that network offers the lower cost for that transaction.
More information about merchant routing is available here.
Combatting online card fraud remains a key focus for financial institutions and card schemes.
Other campaigns to mitigate card fraud include: