Nearly six in ten New Zealanders (59%) think mobile payments will be the next major payments technology to take off, followed by payments using wearables like smartwatches (47%) and biometrics such as facial recognition and fingerprints (42%), research released by Mastercard reveals.
41% of the more than 1,000 respondents surveyed say they could live without cash altogether and only use emerging payment technologies in “just a few years time”. More than 90% chose card as their main payment method today.
44% believe New Zealand is on track to becoming an “exclusively card and digital wallet economy” but 38% say retailers need to do more to embrace new payment innovations.
“New Zealanders are embracing ways to pay that are fast, convenient and secure,” says Peter Chisnall, country manager for New Zealand and the Pacific Islands. “Acceptance of card payments, and increasingly contactless payments, means New Zealanders are less reliant on cash for everyday transactions.
“New Zealanders expect to see more emerging payment methods like mobile payments and biometrics in the near future — but there is more to do before they become mainstream. Terminal upgrades and contactless enablement are helping consumers and retailers alike take advantage of new payment technology and consumer demand is only increasing.”