A rise in spending is expected to drive card payments growth over the next 5 years
Cash withdrawals in New Zealand to decline: forecast. Source: unsplash.com
GlobalData has found that ATM cash withdrawals are forecasted to decline at a CAGR of 3.6% thus reaching $7.9 billion by 2024.
The report also states that the value of card payments across New Zealand is expected to reach $66 billion by 2024. That’s a 2.2% increase at a compound annual growth rate between 2020 and 2024.
The Payments NZ, the governing body of New Zealand’s payments system, has temporarily increased the limit on contactless payment from $53.96 to $134.89. That would push the usage of contactless cards for in-store purchases.
According to data, similar measures have been undertaken in the UK and Australia.
We’ve reported that Singapore card payments are set to grow from $82.1 billion in 2019 to $116 billion in 2023. The data reveals that Singapore’s payment card market is mainly driven by credit cards, accounted for 60% share by value last year.
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