Paymark launches inaugural Year in Review – Payment Trends

Paymark launches inaugural Year in Review – Payment Trends

Auckland, 29 January, 2019

The rise of e-Commerce, the cashless society, whether contactless cards are changing behavior and which region has performed the best in terms of spend. These issues, and many others, are addressed in the inaugural Paymark Payments Review, a report which looks back at 2018 and the payments industry and what this could mean for Kiwi business in 2019.

Paymark CEO Liam O’Reilly says the report brings together the data and insights Paymark has gathered throughout the year as well as looking at international trends and provides an opportunity to deliver a report card on the retail sector’s results.

“With more than 100,000 EFTPOS machines throughout every town and city in the country, we get a unique insight into the retail sector’s actions and the consumers’ responses to them. This year we’ve seen the rise of e-Commerce and online shopping but also counter to that, the continued growth of cash in the economy. With this report we hope to shed some light on the journey for our retail partners.”

The report breaks down the year’s results by region but also by shopping category and looks at the changes that have taken place over the past 12 months.

“One major change was the dramatic growth in terms of retail activity around Black Friday and Cyber Monday. What had been a minor but interesting US-based shopping event took on a life of its own and has dramatically reshaped the busiest shopping season for retailers in New Zealand,” says O’Reilly.

Paymark manages New Zealand’s largest EFTPOS network with over 75% of the country’s terminals connected to the Paymark switch, something which can serve as a proxy for how the economy as a whole is developing.

“Because New Zealanders embraced EFTPOS so fully and because we are spread across so many centres and so many different shopping categories, our data paints a picture of the retail sector unlike any other.”

The full report includes a look ahead at what we can expect to see next year, and can be downloaded from: http://www2.paymark.co.nz/year-in-review-whitepaper

ENDS

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