Payments in New Zealand 2017: What Consumers Want

Published: May 2018
No. of Pages: 45
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Payments in New Zealand 2017: What Consumers Want

Summary

"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. A strong banked population and high financial awareness among New Zealanders has driven payment card penetration in the country. The frequency of use of payment cards in New Zealand stood at 117.0 in 2017 - 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.

Scope

- The adoption of local debit card scheme EFTPOS is high among Kiwis. Which is due to its easy accessibility and higher merchant acceptance as a result of the lower charges associated with these cards. Paymark, the operator of EFTPOS, introduced the Online EFTPOS service in November 2016 for online card acceptance.
- Kiwis are avid users of contactless payments. In order to provide enhanced convenience, banks offer various contactless payment options to their card holders. In October 2017 ASB Bank partnered with Fitbit Pay, allowing its card holders to make contactless payments through the Fitbit Ionic smart watch. The service is an addition to its ASB Virtual mobile wallet.
- New Zealand’s buy-now pay-later service is gaining popularity. The service allows user to make payments for online or in-store purchases in interest-free instalments over four to six weeks. To use the service, customers are required to create an account with the service provider and link it with their preferred payment method, through which payments can be made.

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.

Published By: GlobalData
Product Code: GlobalData41983


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