According to the press release, New Zealand is among the few countries globally that have been successful in combating the COVID-19 outbreak. With the government lifting lockdown restrictions, a rise in consumer and commercial spending is expected, which will push card payments.
Furthermore, an analysis of GlobalData’s Payment Cards Analytics reveals that the value of card payments in New Zealand is estimated to remain flat in 2020. However, this is expected to grow at a compound annual growth rate (CAGR) of 2.2% between 2020 and 2024 to reach USD 66.0 billion in 2024.
Overall, one key trend witnessed in the recent time was the rise in contactless payments. Consumers were gradually shifting from cash to digital payments, particularly contactless cards, in a bid to avoid exposure to disease vectors such as cash and POS terminals. To encourage this shift away from cash, the government in April 2020 raised limit on contactless payment from USD 53.96 to USD 134.89.
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