The report provides detailed analysis of market trends in New Zealand's cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, credit transfers, cheques, and direct debits during the review-period (2016-20e).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2020e-24f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report brings together research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
This report provides top-level market analysis, information and insights into New Zealand's cards and payments industry, including -
Current and forecast values for each market in New Zealand's cards and payments industry, including debit, credit and charge cards.
Detailed insights into payment instruments including cards, credit transfers, cheques, and direct debits. 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 New Zealand's cards and payments industry.
Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
New Zealand is making progress on open banking. In March 2018, Payments NZ along with six partners - ASB Bank, BNZ, Westpac, Datacom, Paymark, and TradeMe - conducted a pilot to test open banking and digital payments in the country. Following this, in March 2019 Payments NZ launched the first set of API standards for payment initiation and account information. The standards outline how open banking should be designed to manage risks and ensure security. While Payments NZ will establish the framework and standards, banks and third parties are required to negotiate how they share the cost of operating open banking services. In July 2020, Payments NZ's API Council announced that the updated version is available in its API sandbox, allowing developers to test that their solutions function as expected against the APIs.
Visa and Mastercard are betting heavily on contactless payments. The debit cards issued by both companies feature contactless functionality. Amid the coronavirus outbreak, both Visa and Mastercard increased the contactless payment limit from NZ$80 ($53.96) to NZ$200 ($134.89), effective from April 9, 2020. This should help boost contactless payments going forward.
To capitalize on the growing preference for online shopping, in January 2018 Westpac partnered with Paymark to introduce Online EFTPOS. The service enables consumers to pay for online transactions using the bank's mobile banking app, eliminating the need to provide bank account or payment card details. When the user selects the Online EFTPOS payment method during checkout a payment request is sent to the user's mobile banking app, which needs to be confirmed to complete the transaction. Amid the pandemic, Online EFTPOS is also now being used for in-store payments. To receive payments, merchants can use their own websites to complete the transaction via Online EFTPOS. The customer approves the payment via their bank's mobile app. Apart from Westpac, ASB, The Co-operative, and Heartland Bank also support Online EFTPOS.
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