New Zealand Profile: Credit cards dominate New Zealand cashless payments

12 Oct, 2020 . 4 minutes

New Zealand’s population was estimated at 4.8 million. Online spending by those aged 25 years to 34 years made up 24.7 percent of transactions at the end of 2019. B2C ecommerce users are seeing 5.3 percent year-on-year growth in numbers and are expected to increase to 3.1 million users in 2020.

Internet penetration was at 88.9 percent and smartphone penetration 76 percent in 2019. B2C ecommerce users' average transaction value is estimated to be US$1,732.4 per user and total transaction value US$5.36 billion by the end of the year. B2C ecommerce has high cross-border spending - especially during special seasons or discounting events like Black Friday. Most purchases are from China, the US and the UK.

This behaviour will be significant in developing cashless payments. Cash payments are just 3 percent of all ecommerce transactions. Bank transfers are 17 percent. Cards remain the most preferred payment method with 56 percent of all transactions. Digital wallets take a 22 percent share in the market.

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