New Zealanders forego use of cash in favor of e-payments

220px-MasterCard_Logo.svgThe rise of digital wallets has slowly pushed many New Zealand residents away from cash and towards electronic payments and internet banking.

Data from MasterCard’s Survey on Consumer Purchasing Priorities found debit cards to be the most popular choice for making every day purchases such as groceries, personal care goods and dining out, while credit cards remain the most popular option for retail shopping and household items.

“The days of carrying cash are numbered, and it’s clear that New Zealand is moving steadily towards becoming a cashless society,” Albert Naffah, the New Zealand manager for MasterCard, said, according to TechDay NetGuide. “Electronic payment means consumers can keep a much closer watch on how and where they spend their money, and as savvy money managers, the ability to track their spending appeals to Kiwis.”

Both Visa and MasterCard have begun to phase out the use of credit cards in favor of providing customers with mobile payment options. While MasterCard does not expect cash to disappear completely, the launch of the company’s MasterPass digital wallet will reduce the need for cash to make daily purchases.

“With many of New Zealand’s most popular retailers now allowing customers to ‘tap-and-go,’ and with digital wallet technology expected to be available locally in the future, we’re at a real tipping point when it comes to contactless technology adoption,” Naffah said, TechDay NetGuide reports.

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