How Kiwis like to pay – now and in the future
13 Nov 2020
Our vision is for New Zealand to have the world’s most progressive payments system, while making sure payments are simple and secure for Kiwis. So, we’ve partnered with Yabble to conduct some consumer research into what Kiwis think about New Zealand’s current payments system and how they like to pay.
This research has been done as part of our wider Payments Direction strategic initiative – a programme which looks into what the industry needs to do to prepare for and contribute to the evolving future of payments. We asked Kiwis to share their views across a range of areas, including how they might expect to pay into the future, and what’s important to them when thinking about the future of payments.
Some of the insights, in no particular order, were:
- Kiwis are using a variety of payments methods, with the most popular being debit/EFTPOS cards which had both high usage and preference.
- 60% of Kiwis are likely to always use contactless payments.
- By 2025 Kiwis think in-store payments could involve biometrics, be more mobile, or done via microchips in the body.
- The appetite for real-time payments, more informative transactions, and payment notifications is high.
- Younger Kiwis (18 – 24 years) are more likely to use new generation payment services, such as buy now, pay later and payment apps. They are also slightly more aware of open banking.
For more key insights from this research, download the infographic below.
Payments NZ Consumer Research 2020 (585.9 KB)