Over two-thirds of New Zealanders have admitted they do not carry cash as digital payment methods increase in popularity, according to new research from Mastercard. An annual Mastercard survey of over 1000 New Zealanders found cards are increasingly popular as a preferred payment method, with more than 90% choosing cards as their main payment method.
“New Zealanders are embracing ways to pay that are fast, convenient and secure. Acceptance of card payments, and increasingly contactless payments, means New Zealanders are less reliant on cash for everyday transactions,” said Peter Chisnall, Country Manager for New Zealand and the Pacific Islands. Mastercard expects cash transactions to continue to decrease, with 41% of consumers saying they could live without cash and only use emerging payment technologies in just a few years’ time.
In the progression towards becoming a cashless society, 44% of Kiwis believe New Zealand is on track to handle an exclusively card and digital wallet economy, but 38% of people say retailers need to do more to embrace new payment innovations.
When shopping online, security remains the biggest concern (35% top concern), and 63% of people are looking for a safer online shopping experience. Security concerns are significantly down from 60% in 2016 (top concern), as people become more comfortable shopping online in their day-to-day lives. Two thirds of respondents said they shop online at least once a month.