​Cutting out cash? Over half of Kiwis embrace digital payments

Half of New Zealanders expect society to no longer be using cash in ten years’ time.

Half of New Zealanders expect society to no longer be using cash in ten years’ time, as Kiwis increasingly embrace digital payments.

According to new research from MasterCard, 49 percent of New Zealanders expect that society will not be using cash in ten years’ time, but of those, over a third think retailers need to do more to embrace new payment technologies.

“New Zealanders are early adopters of technology and are increasingly seeking fast, convenient and secure ways to pay,” says Peter Chisnall, Country Manager, MasterCard New Zealand.

“Retailers who are offering new technologies such as contactless payments are finding it a fast, reliable and easy way for customers to pay and provides a positive customer experience.”

Chisnall says that transactions made with cash will continue to decrease, with 36 percent of consumers saying they could live without cash and only use emerging payment technologies in just a few years’ time.

In addition, 41 percent of people say they would already consider using contactless technology on their smartphone.

“MasterCard encourages retailers to ensure their terminals are enabled to accept contactless payments because this technology not only supports the use of contactless cards, but opens the door to emerging payment technologies, such as mobile payments,” Chisnall adds.

Safety and speed are not just important for consumers shopping in store but also online, Chisnall adds.

Unsurprisingly, security remains the biggest concern when shopping online (49 percent stated this was their top concern), followed by ensuring Kiwis are dealing with a legitimate business (35 percent top concern) and whether the quality will be as described/expected (34 percent top concern).

Interestingly, concern about online security of personal and banking details has decreased in this years’ survey as Kiwis become more comfortable and confident to conduct more personal business online with 66 percent of New Zealanders making purchases online at least once a month.

The survey found the biggest concern with shopping online is the security of banking and personal details (49 percent top concern), down from 60 percent in 2015, as people become more confident with online shopping.

“It is natural that safety is a primary concern when transacting online,” Chisnall adds.

When asked about new payment technologies, 44 percent think mobile payments will be the next thing to take off in New Zealand - followed by biometrics/facial recognition/fingerprints (21 percent) and wearable technology including smartwatches (18 percent).

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