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News

Card payments on rise in New Zealand amid the COVID-19 crisis, says GlobalData

Friday 28 August 2020 11:01 CET | News

GlobalData has revealed that card payments in New Zealand are expected to grow over the next five years. 

According to the press release, with government easing lockdown restrictions and opening businesses, the value of card payments is forecasted to grow marginally by 0.2% in 2020. Therefore, it is to reach USD 66.0 billion by 2024, increasing at a compound annual growth rate (CAGR) of 2.2% between 2020 and 2024. On the other hand, ATM cash withdrawals is forecasted to decline at a CAGR of 3.6% to reach USD $7.9 billion by 2024. 

Moreover, to push the usage of contactless cards for in-store purchases, the Payments NZ (the governing body of New Zealand’s payments system) temporarily increased the limit on contactless payments from USD 53.96 to USD 134.89, effective from 9 April 2020. This is in line with similar measures undertaken by countries such as the UK and Australia.

Furthermore, the present crisis is also driving ecommerce growth, as individuals are looking to avoid the exposure to the COVID-19 virus, while preferring the safety and convenience of online shopping. This will also benefit card payments as they account for two-third of the country’s ecommerce payments.

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Keywords: GlobalData, card payments, New Zealand, contactless cards, Payments NZ, contactless payments, UK, Australia, ecommerce, COVID-19, online shopping
Categories: Payments & Commerce
Companies:
Countries: New Zealand
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