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Title: Payment instruments

Essay Details

Subject: Business
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Date: April 21, 2005
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Length: 4 / 948
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Essay text:

The data in Table C.2 show that credit cards were used to make 88 per cent of the combined number of payments and made 84 per cent of the combined value of the payments. 2 The data cover both payments and cash-out transactions. Source: RBA, Bulletin, August 2006, Tables C...

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They have replaced cheques as the most important retail payment instruction. Credit and debit cards are the least important in terms of the amounts paid. They are used most frequently to make payments, but the average amount of each payment is much smaller than with the other main payment instructions...

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