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


Kiwis Spend $1 Billion In Transactions Pre-Xmas

New Zealanders Spend $1 Billion In Transactions Pre-Christmas.

Figures released by Paymark today illustrate that Kiwis throughout the country have spent in excess of $1 billion over the last week in the lead up to Xmas through the Paymark network alone, which processes three quarters of all electronic transactions. 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.

Paymark's regional statistics show that overall spending through electronic transactions has been steady and whilst growth has slowed over the last week, Kiwis have still spent 4% more this week than the same time last year.

Gisborne, hit by a recent earthquake, recovered somewhat to close the week down 1.7% on the same time last year. Auckland, Canterbury and Nelson were all up on last year, with increases of 5.3% and 5.1% respectively. Wanganui showed an increase of 3.9% on the same period last year, whilst Hawkes Bay recorded an increase of 3.8% on the last year. The smallest increases were in Wairarapa (0.7%) and in the Bay of Plenty (0.9%)

This was attributable to nearly 20 million electronic transactions through the week, processed either in stores or online around the country,

Simon Tong, Chief Executive Officer, Paymark, says; "Transaction volumes have definitely done what we would have expected at this time of the year. The good weather and proliferation of sales have meant most Kiwis have been out in force getting things ready for Xmas day," he says.

"People are likely to be back out on the streets capitalising on reductions and discounted goods on Boxing Day. Our network continues to manage the volume of transactions safely, securely and reliably as no problems have been experienced," he adds.

About Paymark: In 1989 three banks came together to form Electronic Transaction Services Limited. They had the vision of a national real time payment system. Through their commitment to the retail payments industry the company has developed what has arguably become the best EFTPOS system in the world. EFTPOS appeared on the New Zealand retail scene in 1984, only five years after the country's first Bank ATM (cash dispenser) was installed. New Zealand's first EFTPOS system operated from a service station and a supermarket attached to a bank computer. In March 1990 volumes through the network exceeded 1 Million transactions a month. In 1994 the company increased its computer processing power to accommodate volumes exceeding 10 Million transactions a month. In 1996 Bank of New Zealand joined the network and EFTPOS as a payment mechanism entered a tremendous growth phase.

In 1998 ETSL passed another milestone - as the 1 Billionth EFTPOS transaction was processed. By the year 2000 EFTPOS was well and truly identified as a public utility. ETSL saw its 2 Billionth transaction pass through the system in November 2000 and 6 Billionth transaction mid way through 2007. The system, rebranded as the Paymark EFTPOS network, processes nearly 75% of all electronic transactions in the New Zealand retail market on behalf of more than 50 card issuers and acquirers. More than 65,000 merchants and 80,000 terminals are currently connected to the network that is now 3DES and EMV compliant. The company offers services to merchants, card issuers and acquirers for eftpos, eCommerce, mCommerce and ATM payment and related transaction processing.

Regional Electronic Transactions December 17th to 23rd 2007

Region Volume Value Vol Inc/Nov on previous year

Auckland/Northland 7,339,849.00 $457,415,420..95 5.3%
Waikato 1,430,014.00 $81,859,821.78 2.8%
Bay of Plenty 1,275,265.00 $74,979,639.42 0.9%
Gisborne 178,970.00 $9.696,544.91 -1.7%
Taranaki & Taupo 496,512.00 $26,883,516.80 1.5%
Hawkes Bay 595,896.00 $34,352,965.77 3.8%
Wanganui 233,627.00 $12,082,016.30 3.9%
Palmerston North 635,295.00 $35,603,276.22 1.9%
Wairarapa 187,200.00 $10,647,275.71 0.7%
Wellington 2,133,416.00 $118,098,554.67 2.7%
Nelson 405,162.00 $23,756,947.52 5.1%
Marlborough 243,617.00 $14,722,786.34 1.2%
West Coast 135,446.00 $8,956,977.68 2.8%
Canterbury 2,285,547.00 $134,710,965.43 5.1%
South Canterbury 296,156.00 $117,591,582.60 1.6%
Otago 926,177.00 $56,860,378.62 3.4%
Southland 457,587.00 $28,816,155.18 4.2%
Total 19,255,736.00 $1,147,034,825.90 4%


© 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>>


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>>


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>>


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>>


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>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news