The report suggests that Australia has surpassed ‘peak card’ and is currently on a long-term downward trend in terms of credit card ownership.
Other key findings:
card-based transactions are likely to continue to fall in volume due to the rise of alternative payment systems, such as direct debit, PayPal, BNPL, and payment through social platforms;
as credit lenders have adjusted their assessment criteria based on increased pressure from regulators, credit users who were already problematic are finding it more difficult to obtain further credit;
millennials are currently the only group that have increased ownership of credit cards;
millennials are using both credit cards and buy now pay later services.
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