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


Visa Study Finds Smartphones Could Serve As Low Cost Secure Payment Terminals For NZ Small Business

AUCKLAND – Tuesday, 27 October 2020 – As consumers and businesses increasingly turn to digital payments during the COVID-19 pandemic, Visa has launched new consumer payments research that shows how ‘tap to phone’ payment solutions could bring more micro and small businesses into the digital economy.

Tap to phone enables sellers to accept contactless payments directly on their own Android NFC-enabled smartphone, without the need for a separate payment acceptance terminal. Instead of tapping a contactless card, phone or wearable on a terminal, a consumer taps on the seller’s smartphone to pay.

New research from Visa reveals that 39 per cent of New Zealand consumers would likely use tap to phone payments, despite solutions not yet being widely available. The research suggests that as tap to phone solutions are introduced in New Zealand, consumers would embrace this new form of payments, with face-to-face transactions in New Zealand becoming increasingly contactless.

“New Zealanders have been fast adopters of contactless payments, and the use of smartphones more generally is a common daily occurrence, so we expect combining the two with tap to phone payments will be a convenient and secure choice for Kiwis,” said Marty Kerr, Visa Country Manager for New Zealand and South Pacific.

”As sellers adapt to the rapidly changing retail environment, tap to phone opens up another door for small and micro businesses to accept digital payments in a convenient and cost effective way, enabling them to reach more customers and grow their sales.”

Tap to phone opens up lower cost options for small business

FinTechNZ CEO James Brown says new technologies are a major source of innovative commerce options for small business.

“Increasingly, businesses and consumers alike want options and choice in their everyday commerce tools – so being able to accept a payment without the need for a physical terminal will be appealing to some businesses,” says Mr Brown.

“FinTechNZ frequently witnesses the power of financial technology in opening up new experiences and alternative ways of doing things – so it’s exciting to see new technologies on the horizon in the point-of-sale space.”

Simplicity and security appeal to New Zealand consumers

Tap to phone payments simplify point-of-sale infrastructure for businesses and bring benefits to consumers. Ease of use was rated as the most popular reason to consider using tap to phone by 51 per cent of those surveyed.

While 47 per cent of New Zealanders rated security as a factor that would encourage their adoption of tap to phone payments, the survey also revealed a need for industry to educate consumers about security features. Protecting financial information (55 per cent) and personal information (50 per cent) were named as the top concerns of using tap to phone.

Convenience stores, restaurants and small businesses popular scenarios

Visa’s research also looked at the scenarios where consumers would be most likely to pay via tap to phone. Convenience stores were the most popular choice (47 per cent), followed by restaurant payments (45 per cent), as well as small local businesses (42 per cent) and food courts, markets or food kiosks (40 per cent).

“Our research highlights speed and convenience as key priorities, and we see tap to phone as a new option for sellers, of all sizes, to meet this demand, particularly in fast growing areas like payment on delivery for food orders,” said Mr Kerr.

Visa and its partners have launched tap-to-phone solutions in Malaysia and India, with more Asia Pacific markets to follow in the coming months.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Stats NZ: Largest Drop In Terms Of Trade In A Decade As Dairy Export Prices Sour

Lower export prices for dairy, meat, and logs in the September 2020 quarter led to the biggest drop in terms of trade since June 2009, Stats NZ said today. Export prices fell in the September 2020 quarter, down 8.3 percent from its highest ever ... More>>


Stats NZ: Election Boosts October Job Numbers

Job numbers were boosted by general election staff in October 2020, along with rises in the manufacturing, retail, and hospitality industries, Stats NZ said today. Filled jobs rose by 27,667 to 2.2 million in October 2020 compared with September, after ... More>>

Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>


Media: Discovery, Inc. Completes Acquisition Of New Zealand’s Mediaworks TV Ltd

Auckland, New Zealand, December 1, 2020 - Discovery, Inc. (“Discovery”), the global leader in real-life entertainment, has completed its acquisition of New Zealand’s leading independent free-to-air commercial broadcaster, MediaWorks TV Ltd, now operating ... More>>

Department Of Conservation: Big Year Underway At Albatross Colony

Familiar faces are returning for the new season of Royal Cam, with a big breeding year underway for the toroa/northern royal albatross colony on Otago’s windswept Pukekura/Taiaroa Head. More than 120 albatrosses, a taonga species, have returned ... More>>

Real Estate: ASB Survey Reveals Majority Of Kiwis Expect House Prices To Keep Climbing


House price expectations are soaring as New Zealand’s housing market shifts up a gear. But stretched affordability is putting a dent in perceptions of whether it’s a good time to buy. While Kiwis reveal they do expect interest rates to fall further. ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>