The Reserve Bank of Australia released its monthly metrics for April, showing the extend of Covid-19’s impact on the economy and the possible long-term effects it can have.
RBA’s payments numbers include:
- Total April payments fell by 25% or $15.4 billion
- Credit/charge card spend declined 33%
- Debit card down 10.1% – but an effective swing of 19.8%
- ATMs down 41%.
- Pre-paid cards fall 51.6%.
- NPP/Osko – first drop since launched in Feb 2018.
The New Zealand numbers for April are even worse with 52% decline in payments, affecting every Australian company doing business in New Zealand.
Reviewing Australian fintech institution Tyro’s weekly statement to the ASX, the volumes have been steady since early April. However, many market participants report that eCommerce payments have surged to unprecedented levels which is odd given that 94% of eCommerce payments are made using debit/credit cards.
