Kiwis increasingly embrace digital payments

Kiwis increasingly embrace digital payments

Auckland, New Zealand – February 10, 2015 – Half of New Zealanders expect we will no longer be using cash in ten years’ time according to new research from MasterCard.

49% of those surveyed expect that we will not be using cash in ten years’ time, but of those, over a third think retailers need to do more to embrace new payment technologies.

“New Zealanders are early adopters of technology and are increasingly seeking fast, convenient and secure ways to pay. Retailers who are offering new technologies such as contactless payments are finding it a fast, reliable and easy way for customers to pay and provides a positive customer experience,” says Peter Chisnall, Country Manager for MasterCard New Zealand.

Transactions made with cash will continue to decrease, with 36% of consumers saying they could live without cash and only use emerging payment technologies in just a few years’ time. 41% of people say they would already consider using contactless technology on their smartphone.

“MasterCard encourages retailers to ensure their terminals are enabled to accept contactless payments because this technology not only supports the use of contactless cards, but opens the door to emerging payment technologies, such as mobile payments,” says Chisnall.

Safety and speed are not just important for consumers shopping in store but also online. Security remains the biggest concern when shopping online (49% stated this was their top concern), ensuring you are dealing with a legitimate business (35% top concern) and whether the quality will be as described/expected (34% top concern).

Interestingly, concern about online security of personal and banking details has decreased in this years’ survey as Kiwis become more comfortable and confident to conduct more personal business online with 66% of New Zealanders making purchases online at least once a month.

The survey found the biggest concern with shopping online is the security of banking and personal details (49% top concern), down from 60% in 2015, as people become more confident with online shopping.

“It is natural that safety is a primary concern when transacting online. Using a trusted digital platform such as MasterPass by MasterCard allows consumers to use any payment card or enabled device to go beyond plastic and discover enhanced shopping experiences that are as simple as a click, tap or touch – online, in-store or anywhere.

We know our cardholders want a more simplified and secure shopping experience, so Kiwis can have peace of mind knowing that their MasterPass accounts are protected by multiple layers of security,” Chisnall says.

When asked about new payment technologies, 44% think mobile payments will be the next thing to take off in New Zealand. This was followed by biometrics/facial recognition/fingerprints (21%) and wearable technology including smartwatches (18%).

ENDS

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