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Science & Technology

Cash withdrawals in New Zealand to decline: forecast

Aug 28, 2020

A rise in spending is expected to drive card payments growth over the next 5 years

New Zealand

Cash withdrawals in New Zealand to decline: forecast. Source: unsplash.com

GlobalData has found that ATM cash withdrawals are forecasted to decline at a CAGR of 3.6% thus reaching $7.9 billion by 2024.

The report also states that the value of card payments across New Zealand is expected to reach $66 billion by 2024. That’s a 2.2% increase at a compound annual growth rate between 2020 and 2024.

The current pandemic has triggered a fear of infection through the handling of cash, pushing consumers to move away from cash payments. This will accelerate the shift towards electronic modes of payments, partially contactless cards
Ravi Sharma, Lead Banking and Payments Analyst at GlobalData

The Payments NZ, the governing body of New Zealand’s payments system, has temporarily increased the limit on contactless payment from $53.96 to $134.89. That would push the usage of contactless cards for in-store purchases.

According to data, similar measures have been undertaken in the UK and Australia.

We’ve reported that Singapore card payments are set to grow from $82.1 billion in 2019 to $116 billion in 2023. The data reveals that Singapore’s payment card market is mainly driven by credit cards, accounted for 60% share by value last year.

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