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Consumers leaning on debit cards in tough times

Australians are spending more and more on debit cards in the financial crisis, with data released by the RBA showing spending on debit cards rose by 12.9 percent, amounting to $2.2 billion in March 2009.

With consumers focusing on ‘smarter’ ways to manage their money, debit cards are becoming the spending method of choice, says Chris Clark, Visa’s General Manager for Australia and New Zealand.

“Many cardholders are making a conscious decision to “buy now, pay now” for their everyday purchases… debit cards provide consumers with more choice and control over how and when they use their own money.”

Online shopping has also experienced a boom, with Visa research showing nearly one in four Australians who shopped online in the 12 months to December 2008 used a Visa debit card.

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