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

 


Fastest Volume Growth Through Paymark Network in Six Years

Electronic Spending Data: Fastest Volume Growth Through Paymark Network in Six Years

Auckland, Tuesday 10 June 2014: Figures released today by Paymark point towards a strong and consistent month of trading during May, with annual growth in the volume of transactions processed through its switch the fastest since 2008.

Kiwis swiped and/or tapped their cards just under 90 million times during May – and the surge was especially notable during the first seven days of the month where spending was up 9.1 per cent across the country, compared to the same week of trading in 2013.

Paymark Head of Customer Relations Mark Spicer says “After a rapid first week of trading, spending evened out and finished up at an overall growth rate of 8.7 per cent for the month. Stronger trading throughout May can be explained by a number of factors. Paymark has had a 3.5 per cent increase in the number of merchants using our network, year on year, the rise of contactless continues to make its effects felt in our data and it also looks as if there has been an improvement in spending within most of the sectors we report on –though not all.

“In terms of other factors that might play a part in the strong spending data, May also had five Saturdays this year, whereas last year there were only four. With Saturday being the day of the week that typically results in the highest volume of transactions processed through our network, this will have impacted the data and trends we’ve seen in May.”

He adds that the trends associated with credit card spending outstripping debit cards has continued and says that this is something we can expect to see on an ongoing basis, as more and more contactless cards come into the market and merchants enable their terminals to accept this payments method.

The increase in transactions during May resulted in dollars spent through the Paymark network increasing by 8.3 per cent. At a sector level, trading was strong for those operating in the hospitality sector, with a 14.0 percent increase year on year. Food and liquor stores also recorded an increase of 12.3 per cent in spending from the same month last year.

There was modest spending growth among department stores (+4.6 per cent), appliance retailers (+3.6 per cent) and clothing shops (+2.7 per cent) compared to 2013, whereas spending continued to decline within the book, stationery, and video sector (-3.4 per cent).

Across the country, spending growth was most marked in Bay of Plenty (+10.2 per cent), Canterbury (+8.6 per cent), and Waikato (+8.5 per cent). However, growth was slow in Wellington (+3.0 per cent) and the West Coast (+1.8 per cent).

- ENDS -

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news