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


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news