New Zealand Cards and Payments – Opportunities and Risks to 2027

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New Zealand Cards and Payments Market Report Overview

The annual value of card transactions in the New Zealand cards and payments market is estimated to be $65 billion in 2023 and is expected to grow at a CAGR of more than 4% during 2023-2027. The New Zealand cards and payments market research report provides a detailed analysis of market trends in the New Zealand cards and payments industry. It provides values and volumes for several key performance indicators in the industry including cash, credit transfers, cards, direct debits, and cheques during the review period. The report also analyses various payment card markets operating in the industry.

New Zealand Card Transactions Outlook, 2023-2027 ($ Billion)

New Zealand Card Transactions Outlook, 2023-2027 ($ Billion)

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The report provides detailed information on the number of cards in circulation, transaction values, and volumes during the review period and over the forecast period. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also covers regulatory policy details and recent regulatory structure changes. It includes information on the payment instruments that are in use in the New Zealand market, the key segments within the market, as well as the companies associated with the New Zealand cards and payments market.

Annual Value of Card Transactions (2023) $65 Billion
CAGR (2023-2027) >4%
Forecast Period 2023-2027
Historical Period 2019-2022
Key Payment Instruments ·        Cards

·        Credit Transfers

·        Cash

·        Direct Debits

·        Cheques

Key Segments ·        Card-Based Payments

·        E-Commerce Payments

·        In-Store Payments

·        Buy Now Pay Later

·        Mobile Payments

·        P2P Payments

·        Bill Payments

·        Alternative Payments

Leading Players ·        Visa

·        Mastercard

·        Kiwibank

·        Westpac

·        ANZ

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New Zealand Cards and Payments Market Dynamics

New Zealand’s payment card market is mature, with everyone holding over three cards in 2023e. Consumers are highly comfortable with payment cards for both in-store and online transactions. At the core of the payments market is consumers’ embrace of debit cards and EFTPOS, which have been the main drivers behind the growth in all non-cash payments. Persistent efforts from the country’s financial authorities and banks to increase awareness of electronic payments and develop payment acceptance infrastructure have propelled the use of electronic payment methods.

Besides cards, the rising preference for contactless payments, the growing e-commerce market, and the rise in the number of payment innovations such as cashier-less stores, as well as alternative payment methods such as PayPal have resulted in the increased preference for cashless methods of payment. However, soaring inflation, economic slowdown, and geopolitical uncertainty will present challenges for the industry.

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New Zealand Cards and Payments Market Segmentation by Payment Instruments

Cards are the dominant payment method by transaction volume in 2023.

The key payment instruments in the New Zealand cards and payments market are cards, credit transfers, cash, direct debits, and cheques. The use of payment cards is accelerating, supported by high bank account penetration, government, and bank initiatives to promote electronic payments, and the availability of contactless cards. In addition, growth in card acceptance infrastructure and the availability of low-cost bank account services are also the major factors that are driving the segment growth.

New Zealand Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

New Zealand Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

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New Zealand Cards and Payments Market Segments

The key segments in the New Zealand cards and payments market are card-based payments, e-commerce payments, in-store payments, buy now pay later, mobile payments, and alternative payments among others.

Card-Based Payments: New Zealand’s card penetration is higher than many of its peers. This can be attributed to the combined efforts of the government and banking authorities to promote card payments. These measures include offering low-cost bank accounts, reducing merchant fees charged on payment cards, and expanding payment acceptance infrastructure in the country. Such measures are expected to further boost the use of payment cards. Additionally, the rising preference for contactless payments, the growing e-commerce market, and payment innovations such as cashier-less stores are boosting the usage of cashless payment methods.

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New Zealand Cards and Payments Market - Competitive Landscape

A few of the leading players in the New Zealand cards and payments market are:

  • Visa
  • Mastercard
  • Kiwibank
  • Westpac
  • ANZ

Mastercard and Visa both focus on customer security and convenience. They offer Click to Pay in New Zealand, allowing consumers to make purchases without entering their card details.

Leading New Zealand Cards and Payments Players, 2023

Leading New Zealand Cards and Payments Players, 2023

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Scope

  • Current and forecast values for each market in the New Zealand cards and payments industry, including debit, and credit cards.
  • Detailed insights into payment instruments including cards, cash, credit transfers, direct debits, and cheques.
  • It also includes an overview of the country’s key alternative payment instruments.

    E-commerce market analysis.

  • Analysis of various market drivers and regulations governing the New Zealand cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit, and credit cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.

    The competitive landscape of the New Zealand cards and payments industry.

Reasons to Buy

  • Make strategic business decisions, using top-level historical and forecast market data, related to the New Zealand cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the New Zealand cards and payments industry.
  • Assess the competitive dynamics in the New Zealand cards and payments industry.
  • Gain insights into marketing strategies used for various card types in New Zealand.
  • Gain insights into key regulations governing the New Zealand cards and payments industry.

ANZ
ASB
Westpac
BNZ
Kiwibank
EFTPOS
Mastercard
Visa
American Express

Table of Contents

Market Overview

Payment Instruments

Card-Based Payments

Ecommerce Payments

In-Store Payments

Buy Now Pay Later

Mobile Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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