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

 

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news