Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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

 

Fintech helping NZ to becoming a global digital nation

New Zealand is becoming more and more a digital nation and Kiwis expect transactions to be seamless and painless, FintechNZ general manager James Brown says.

Fintech is the fastest growing part of the tech sector, with new contactless payment about to make a dramatic change to transactions in New Zealand, he says.

A recent Reserve Bank survey of the public’s cash use found nearly nine in every 10 New Zealanders prefer to pay for things without using cash.

“The buy now, pay later debit card solutions have gained huge momentum in New Zealand,” Brown says.

“Some perceive this as just another form of credit and will put New Zealanders into more debt. But this is simply not true. More than 800,000 Kiwis now use some form of BNPL method because it is seamless and simple to use.

“The main method is by debit card and just typically spreads the payment over six weeks at an average of $160 so there is a very short-term issue, according to John O’Sullivan, chief executive of Partpay.

“We have seen this being mainly used by women, however, as it becomes more popular and people understand the product, they are adopting it as the main means of payment, which is a great example of fintech positively impacting the New Zealand consumer.

“Banks and other credit providers will be looking at this new BNPL very closely and I believe will make the right decision when it comes to consumer expectations with that in mind. We will see a reduction in the charges around certain types of payments because their customers will have more choice now than ever before.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

“Small businesses must realise while payWave does have a cost, statistics show it generates more foot traffic therefore more sales. FintechNZ is encouraging businesses to adopt faster transactions for their customers.”

The overall technology sector is the third biggest industry in New Zealand. The annual TIN200 report just released says fintech is still the fastest growing part of the tech sector and whole tech industry will outstrip the dairy sector for exports in five years.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.