Payment cards have overtaken cash as the most frequently used payment method in Australia.
Debit cards and credit cards are the most common payment method used by Australians today.
Most in-person payments are ‘contactless’, online shopping is increasingly popular and mobile payments are gaining traction.
Financial institutions issue debit cards and credit cards supported by the international card schemes (Visa, MasterCard), as well as debit cards supported by the domestic debit card scheme, eftpos Payments Australia. Charge cards are issued by American Express, Diners Club, JCB and others.
Through our Issuers and Acquirers Community (IAC), we provide a venue for cooperation and collaboration among financial institutions and the card schemes. Our IAC rules, standards and guidelines cover:
Combatting online card fraud remains a key focus for financial institutions and card schemes.
In the past we have run a number of campaigns to mitigate card fraud: