New Zealand and post-lockdown payments: what will change? 

New Zealand is one of the few countries in the world to have made headway in the fight against the COVID-19 outbreak

New Zealand

New Zealand and post-lockdown payments: what will change? Source: pexels.com

GlobalData has found that the cost of card payments in New Zealand is estimated to keep unchanged in 2020. However, the compound annual growth rate is expected to rise to 2.2% between 2020 and 2024, and $66.0 in 2024.

On December 14, the New Zealand government canceled all isolation limitations. Citizens no longer need to comply with social distancing standards. Anyway, the country will keep its borders closed to foreigners.

While the crisis caused contraction in the economy, it is gradually recovering as lockdown restrictions have been removed. This will boost consumer spending especially during the upcoming festive season which will provide push to card payments
Ravi Sharma, Banking and Payments Lead Analyst at GlobalData

The report states that consumers have gradually switched from cash to electronic payments, especially contactless cards, to avoid exposure to disease vectors such as cash and POS terminals. To stimulate this shift away from cash, the government lifted the contactless limit from $53.96 to $134.89 in April 2020.

We’ve reported that ATM cash withdrawals are forecasted to decline at a CAGR of 3.6% thus reaching $7.9 billion by 2024.

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