New Zealand card payments market to surpass $75bn in 2028, forecasts GlobalData. Source: Shutterstock.com

The New Zealand card payments market is forecast to register a compound annual growth rate (CAGR) of 4.1% between 2024 and 2028 to reach NZD122.3bn ($75.1bn) in 2028, supported by a constant consumer shift towards electronic payments, according to GlobalData, publishers of EPI.

GlobalData’s Payment Cards Analytics reveals that card payment value in New Zealand registered a growth of 6.6% in 2022, driven by the rise in consumer spending. The value grew further to register a growth of 6.1% to reach NZD102.0bn ($62.6bn) in 2023.

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Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments: “New Zealand is gradually moving towards the digitalisation of its payment infrastructure, supported by a 100% banked adult population, mature payment card market, and the expansion of POS infrastructure. Increasing preference for cashless payments, the growth of the ecommerce market, and the adoption of contactless payment methods also contributed to this growth.”

Debit card payments hold a significant share of the total card payments market in New Zealand accounting for 47.8% in total payment value in 2024

The government and commercial banks have taken steps to promote financial inclusion and drive debit card penetration, such as offering low-cost bank accounts and reducing merchant interchange fees.

Although credit and charge cards account for a limited proportion of cards in circulation, they account for 52.2% share in 2024. This can be attributed to the value-added benefits offered by banks, such as reward points, discounts on purchases, and annual fee waivers.

New Zealand boasts a mature payments infrastructure, with strong POS terminal uptake. EFTPOS NZ, the local scheme provider, is the key driver behind this. Over 60,000 businesses and more than 90,000 devices are connected to its network.

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To reduce the dependence on cash and promote card payments, Payments NZ has introduced various measures as part of its Payments Modernisation Plan 2030. These measures include improving financial inclusion, promoting acceptance of card payments by merchants, and supporting competition and innovation in the payments space, thereby benefiting overall card payments market.

Sharma concludes: “The forecast for the growth of total card payments in New Zealand is promising. This growth can be attributed to factors such as the increasing preference for contactless payments, the growth of the ecommerce market, and the adoption of payment innovations like self-checkout stores. However, challenges such as high inflation, and geopolitical uncertainty may pose obstacles to the industry.”