A comprehensive overview of the cards, payments and consumer banking market in New Zealand.
Demographics and the economy
Key retail banks and issuers
Acquiring and processing
Regulatory and other cards market information
Appendix I: Demographics and the economy
Appendix II: Payments environment
Appendix III: Cards market
Appendix V: Profit pool
Appendix VI: The networks
Appendix VII: Retail banks and issuers
Appendix VIII: Acquiring and processing
Appendix IX: Online acquiring
Demographics and Economy:
According to World Bank reports, New Zealand has one of the least regulated market-based economies in the world. It ranks first in the list of easiest countries to start a business and second in the list of easiest countries in which to do business.
The two main forms of electronic payment in New Zealand are card payments, mainly for the purchase of goods and services, and bank transfers used for salary transfers, bill payments and automatic payments.
New Zealand's payment cards market enjoys both strong consumer penetration and merchant acceptance. The average adult made 419 card transactions in 2018, making New Zealand one of a select few countries worldwide where the average person uses a card more than once per day.
Smartphone development has spurred the rapid evolution of increasingly sophisticated mobile payment technology in recent years. Global technology heavyweights such as Google and Apple are starting to make their presence felt in this market with digital wallet offerings.
New Zealand has a robust and established credit cards market, which compares positively with global counterparts. Verisk Financial Research profit pool analysis reveals steady profitability over the period covered.
Visa is the leader in this credit cards market, both in terms of the number of cards in circulation and billed volume, followed by Mastercard (a distant second), and American Express. The debit cards market remains dominated by the domestic debit scheme: EFTPOS.
Key Retail Banks and Issuers:
Banking is dominated by domestic institutions controlled by Australian Banks: ANZ, BNZ (owned by NAB), Westpac and ASB (owned by CBA). The largest domestically owned retail banks are Kiwibank and Co-operative Bank.
Acquiring and Processing:
Almost half of the adult population made purchases online in 2018, with travel being the most popular choice. Platforms tend to be the sales method of choice.
New Zealand is a developed e-commerce market. Almost half of the adult population made purchases online in 2018, with travel being the most popular choice. Platforms tend to be the sales method of choice.
Regulatory and Markets Information:
Despite pressure from retailers to regulate interchange, the government has taken a softer approach, putting the onus on the industry to self-regulate or face real regulation.
Air New Zealand
Application Programming Interface
Auckland Savings Bank
Australia and New Zealand Banking Group
Bank of New Zealand
Commonwealth Bank of Australia
Consumer Electronic Clearing System
Credit Union Central
Electronic Transaction Services
Financial Markets Authority
First Credit Union
FlexiGroup New Zealand
Nelson Building Society
New Zealand Post
New Zealand Wine Society
Open Payments Enabled Network
Reserve Bank of New Zealand
Settlement Before Interchange system
The Warehouse Group
Wellington regional government
Westpac Merchant Services
Verisk financial reports include detailed market and competitor intelligence on payments cards, e-money, acquiring, retail banking, and consumer credit in the Asia Pacific region. Analysts use primary and secondary source data and conduct in-depth interviews with senior industry executives and finance experts.
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