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ATM withdrawals in Australia at lowest point in 6 years
January 3, 2010
TheAustrailian.com reportsthat in 2009, the number of Australian consumers making ATM cash withdrawals dropped to its lowest point in more than six years.
Data from MWE Consulting, which specialises in debit and credit card analysis, showed that debit card ATM withdrawals per account fell about 6.3 per cent to 2.39 a month last year. That compared with 2.55 in the previous year and 2.62 in 2006, when monthly transactions peaked."We have been seeing a reduction in cash transactions on credit (card) for a long time . . . but what is significant is this (debit card) reduction, which accelerated in the last year," said MWE managing director Mike Ebstein."I think that's a sign that Australians are beginning to move away from cash as their staple payment product."
Despite the apparent move away from cash, MWE reports that between 65 percent and 70 percent of all transactions in Australia were cash. Additionally, the average value of ATM withdrawals rose almost three percent in 2009 to $179.
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