“Payments in New Zealand 2017: What Consumers Want”, report examines the consumer payments market in New Zealand, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. The report also examines the main regulatory players overseeing the market.
New Zealand’s cards and payments industry is well developed, and consumers are prolific users of payment cards. According to a February 2016 Mastercard survey, New Zealand has the lowest cash use among OECD countries, and around half of survey participants expect cash payments to cease in the next 10 years. Payment cards are widely used in New Zealand to pay for groceries, flight tickets, restaurant bills, and doctor’s bills. The frequency of use of payment cards in New Zealand stood at 116.2 in 2016 – the highest figure among its peers. At the core of the payment market is consumers’ embrace of debit cards and EFTPOS, which has been the main driver behind the growth in all non-cash payments. It is a highly mature market in terms of card penetration, although consumers appear to struggle with credit cards as a payment option. Mobile payments need to focus on replicating the convenience of debit cards, which have benefited from the widespread rollout of contactless.
It provides in-depth analysis of the following –
– Analyzes consumer attitudes to financial services by lifestage.
– Analyzes the major payment card types in terms of both card holding and usage.
– Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
– Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in New Zealand are deploying these tools to meet customer needs.
– Explores the online payment market in New Zealand by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
– EFTPOS cards remain by far the most issued card. Unlike credit cards, which can involve a stringent series of checks, EFTPOS cards are often given to young adults as a first card, and will almost always be their initial experience with non-cash payments.
– To strengthen payment security in the country, Visa replaced signatures with PINs in October 2014. This change is only applicable for Visa card holders with New Zealand-issued cards, and allows consumers to take advantage of chip technology for electronic payments.
– Contactless payments are gaining prominence in New Zealand, with all the country’s major banks offering cards with contactless functionality. Scheme providers are also encouraging consumers to adopt contactless payments through Visa payWave and Mastercard PayPass.
Reasons to buy
– Understand the key facts and figures in the consumer payments market in New Zealand.
– Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
– Find out what products the major competitors are launching in the market.
– Discover consumer sentiments towards various payment tools in Nw Zealand’s market and use this knowledge to inform product design.
Table of Content: Key Points
Payments Infrastructure & Regulation
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