Kiwis to forget cash this No Cash Day
Auckland, New Zealand – 26 June – On international No Cash Day this 27 June, most New Zealanders will carry on with their lives as normal as their everyday use of cash decreases.
No Cash Day was first developed in Europe, and now is celebrated throughout the world, raising public awareness about the increasing use of digital payments. The day’s call ‘Don’t forget: Forget cash!’ is an opportunity to see what it would be like to be cashless for 24 hours.
“While people around the world might have to make a conscious effort to not use cash, for New Zealanders this is second nature. Less than one in 10 people use cash as their main payment method, and we are already well on our way to becoming a cashless society,” says Peter Chisnall, Country Manager for Mastercard New Zealand and Pacific Islands.
Recent Mastercard research found that only 6% of New Zealanders use cash as their preferred way to pay, and two-thirds of New Zealanders do not normally carry cash with them. Almost half (48%) of New Zealanders expect that we will not be using cash in ten years’ time.
“Kiwis are early adopters of new technology compared to the rest of the world, especially in the payments space. New Zealanders are one of the biggest users of digital payments in the world,” says Chisnall.
Many Kiwis can see us being cashless in the very near future, but 38% think retailers need to do more to embrace payment innovations.
“Contactless payments allow consumers and retailers to take advantage of innovations in payments. This technology opens the door for emerging payment technologies, such as mobile payments. Retailers can future-proof their business as well as providing choice for the growing number of consumers who prefer using contactless as their first payment choice,” adds Chisnall.
Contactless payments are already widely used by New Zealanders, with 72% now using contactless payments, up 28% from just 2 years ago.
In just the next five years, over half of New Zealanders predict more cash will be removed from general use (56%).
“The cost of cash is often overlooked. Handling, transporting, risk of loss or theft are only some of the factors involved in cash payments. The efficiency gains by using digital payments can make a large difference to the bottom line of a business,” says Chisnall.
No Cash Day is celebrated annually worldwide and has been running for 6 years. The initiative is a global campaign promoted by CashlessWay – the Italian association for ePayment Culture.