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September 4, 2018

A cashless New Zealand? Nearly half expect a cashless society by 2028

A cashless New Zealand could be coming in the near future, according to a new survey by Mastercard.

The survey revealed that about 48% New Zealanders believe they will live in a cashless New Zealand by 2028. The survey involved more than 1,000 consumers across the country.

Approximately 42% of the respondents said they could live without cash with only digital and emerging payment technologies within a few years.

During the survey, 60% of the New Zealand consumers said that retailers are not yet ready for future changes to payments market.

Mastercard New Zealand and Pacific Islands country manager Ruth Riviere said: “Consumers want faster, more convenient and more secure shopping experiences including contactless technology – where your card doesn’t even have to leave your hand.

“As more Kiwis look to use their phones and other contactless devices to make purchases, we encourage retailers to consider switching on.”

The survey found that the use of contactless technology was highest at supermarkets, petrol stations and retail shops in the country. Cafés and convenience stores are also seeing more usage.

Currently, 73% of New Zealanders are using credit or debit contactless payments for their purchases. The proportion is bound to rise over the coming years.

According to a retailer in New Zealand, the ease-of-use and security of contactless cards makes them a preferable payment method for customers.

For merchants, contactless technology is said to be appealing for its capabilities to protect from card fraud and security.

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