Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Lion’s Share of Fans Spend Up Big With Chip Cards

PAYMARK EFTPOS

Electronic Transaction Statistics Report


Media Release

15 July 2005


Lion’s Share of Fans Spend Up Big With Chip Cards

Latest electronic transaction statistics highlights economic impact of Lions tour

Lions fans racked up over $34 million on their credit cards in New Zealand during June and the first two weeks of July, according to the latest statistics from Paymark EFTPOS (Paymark).

Figures show that over the Lions tour period there were over 250,000 transactions from United Kingdom (UK) credit cards on the Paymark network, which handles around 80% of all electronic transactions in New Zealand. UK tourists carried some 40,000 transactions worth around $800,000 on average each day.

Current data available for the Paymark network for June 2005 shows that New Zealand credit card spending totaled $1.1 billion. Spending with UK credit cards made up $20 million of this figure.

The rugby test series also marked the first major influx of tourists using credit cards utilising chip technology. Almost 90% of the UK credit card transactions were carried out using credit cards that have a chip to store information, rather than the traditional magnetic stripe. The majority of those transactions are likely to have been from UK tourists in New Zealand for the Lions tour.

Ron Brown, General Manager Paymark, explains that the figures not only highlight the extent of spending by Lions fans, but also the growing use of chip cards in New Zealand.

“There was a tremendous build up to the tour, followed by a feeling that perhaps it wouldn’t meet expectations. But from the Paymark figures we can see that Lions fans spent up large. The average transaction value for people using UK credit cards during the Lions tour was $137.25, whilst the average for kiwis over the same period was around $88.

“Of interest for merchants and banks was tourists’ use of chip cards. This type of technology, which is the next generation on from the magnetic stripe cards we are accustomed to in New Zealand, is being rolled out overseas and we expect it to seen in New Zealand soon.”

New Zealand merchants are about to enter a period when they will need to upgrade their existing EFTPOS terminals to become compliant with new global guidelines from Europay, Visa, MasterCard (EMV). The new terminals will be able to process chip cards and existing magnetic stripe cards.

Chip cards require a different transaction process to existing magnetic stripe cards, which will become more common for merchants as more tourists present the cards, and New Zealand banks roll out the new technology.

Chip cards are regarded as more secure than magnetic stripe cards as it is more difficult to access the information in a chip. In the UK, where card fraud costs more than £1 million per day, over 100 million cards are currently being reissued with chips.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news