Credit is out, debit is in: How COVID-19 has influenced consumer behaviour

The pandemic keeps sorting out winners from losers. And the humble debit card is now a huge winner.

I got used to paying with a credit card and paying it off each month.

The trend now is to cut out the middle man and pay straight from your bank account. Makes sense.

In the meantime, people are losing interest in cash and cheques are on their last legs.

Reserve Bank of Australia chief Philip Lowe has said he hopes the cheque system will die off.

“I think it’s in the national interest that we close the cheque system,” he told a parliamentary committee last week.

This article was first published by Crikey.


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