The frequency of non-cash payments increased by eight per cent last year, according to the Bankwest Cash Report.
The fastest growth of any transaction type was the use of debit cards for small transactions, up 14 per cent in 2011. Cash accounted for 62 per cent of household payments. Over the past 12 months, cash in circulation rose by seven per cent and the number of credit card transactions increased by six per cent partly as a result of more online purchasing. Credit cards are the most popular payment type for online purchases, accounting for 61 per cent of online purchases.
Online payments now account for 17 per cent of non-cash retail payments.
Source: Banking Day
