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

 


Paymark Gears Up For Busy Retail Season

Press release

Thursday, 6 December 2007

Paymark Gears Up For Busy Retail Season

With one of the busiest times of the retail year on our doorsteps, New Zealand's largest electronic payment systems provider has preparations underway to ensure smooth sailing for retailers and shoppers during the Christmas season.

"Operation Santa" is Paymark's annual project coordinating all key activities to ensure optimum EFTPOS switch availability and customer satisfaction leading up to, during, and after the crucial Christmas sales period. At its peak, the system will be processing over 100 transactions per second.

The Paymark system processes three quarters of all electronic transactions in store and we will be tracking spending throughout December and providing regular updates to stakeholders. Nearly 90% of Kiwis have a debit card and that puts us ahead of any other country in the world in terms of EFTPOS use.

Data shows that during November 2007 New Zealanders carried out over 65 million electronic transactions in store, worth around $3.5 billion. This is up more than 10 percent year-on-year, amounting to $324 million more than 2006 spending for the same month, a slightly higher than normal increase.

Simon Tong, Chief Executive Officer, Paymark, says the early spending increase points to a busy start to the festive season.

"After a reasonably static winter spending has picked up in recent weeks, particularly in the dairy-led regions. These figures suggest an earlier than usual start to the Christmas retail season and could also be due to the early start to summer, with people out and about making the most of their lunchtimes and weekends.

Over the month $595 million was spent in the automotive industry, the bulk of this at service stations. Over $783 million went to supermarket and food retailers, while entertainment and hospitality retailers benefited to the tune of $399 million.

The spending acceleration was more noticeable in regions such as Taranaki/Taupo, West Coast, Palmerston North, South Canterbury, Wanganui, Bay of Plenty and Waikato.

This year Christmas falls on Tuesday, meaning the usually mad Christmas Eve midday rush is expected to spread across Saturday and Sunday. Even though Paymark will be processing over 100 transactions per second over the busiest 15 minutes, this will use no more than one third of the system's capacity.

Throughout December it is expected that food and retail sectors will see a huge spike in spending leading up to December 25 as people prepare for Christmas day. Spending on entertainment and hospitality is also picked to increase as the Christmas party season hits full swing in mid-December.

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