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(MoneyNewsWire.Net, December 02, 2017 ) A fresh report has been added to the wide database of Market Research Hub (MRH) titled “Consumer Payments Market in New Zealand 2017, What Consumers Want” which examines the consumer payments market in New Zealand, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. The report also examines the main regulatory players overseeing the market.
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New Zealand’s cards and payments industry is well developed, and consumers are prolific users of payment cards. According to a February 2016 MasterCard survey, New Zealand has the lowest cash use among OECD countries, and around half of survey participants expect cash payments to cease in the next 10 years. Payment cards are widely used in New Zealand to pay for groceries, flight tickets, restaurant bills, and doctor’s bills. The frequency of use of payment cards in New Zealand stood at 116.2 in 2016 - the highest figure among its peers. At the core of the payment market is consumer’s embrace of debit cards and EFTPOS, which has been the main driver behind the growth in all non-cash payments. It is a highly mature market in terms of card penetration, although consumers appear to struggle with credit cards as a payment option. Mobile payments need to focus on replicating the convenience of debit cards, which have benefited from the widespread rollout of contactless.
It provides in-depth analysis of the following –
- Analyzes consumer attitudes to financial services by life stage.
- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
- Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in New Zealand are deploying these tools to meet customer needs.
- Explores the online payment market in New Zealand by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
Scope:
- EFTPOS cards remain by far the most issued card. Unlike credit cards, which can involve a stringent series of checks, EFTPOS cards are often given to young adults as a first card, and will almost always be their initial experience with non-cash payments.
- To strengthen payment security in the country, Visa replaced signatures with PINs in October 2014. This change is only applicable for Visa card holders with New Zealand-issued cards, and allows consumers to take advantage of chip technology for electronic payments.
- Contactless payments are gaining prominence in New Zealand, with all the country’s major banks offering cards with contactless functionality. Scheme providers are also encouraging consumers to adopt contactless payments through Visa pay Wave and MasterCard Pay Pass.
Reasons to buy:
- Understand the key facts and figures in the consumer payments market in New Zealand.
- Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
- Find out what products the major competitors are launching in the market.
- Discover consumer sentiments towards various payment tools in New Zealand's market and use this knowledge to inform product design.
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Table of Content:
Market Overview
Megatrends
Card-based Payments
E-commerce Payments
Alternative Payments
Payments Infrastructure & Regulation
Appendix
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About Market Research Hub:
Market Research Hub (MRH) is a next-generation reseller of research reports and analysis. MRH’s expansive collection of cards & payments industry research reports has been carefully curated to help key personnel and decision makers across industry verticals to clearly visualize their operating environment and take strategic steps.
MRH functions as an integrated platform for the following products and services: Objective and sound market forecasts, qualitative and quantitative analysis, incisive insight into defining industry trends, and market share estimates. Our reputation lies in delivering value and world-class capabilities to our clients and customers.
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