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.
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