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Digital Payments Growth in New Zealand

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Digital Payments Growth in New Zealand

The rave of the novel coronavirus pandemic dealt a major blow to the global economy without leaving out that of New Zealand. Consumers now have to deal with a new method of purchasing goods and paying for the few available services.

This event coupled with the dominance of social distancing restrictions left many of them with no choice but to adopt means of payments. Consequently, we had to adopt contactless payments and digital wallets as our new means of payment.

Hence, in this text, we will follow the line of the growth that has engulfed the digital payments market in the last few years, the projected growth, as well as the most popular digital payment options or wallets.

The Most Popular E-Wallets

We have picked out four (4) wallets. According to statistics, these wallets are the most prominent amongst others for different reasons.

PayPal

PayPal is a leading digital payment option to pay and receive payment online and through your mobile phones. PayPal provides an easier and more flexible way to gamble for cash without exposing certain financial info. You can find a big variety of PayPal online casinos at CasinoDeps.co.nz and pick the best one for online gaming.

Poli

POLi is an online payment option in Australia and New Zealand that enables users to make withdrawal straight out of their bank account whenever they need it. It’s a wonderful option for you if you do not have a credit card, or would want not to use them online. It is a very safe means as you do not give out any information.

PaysafeCard

Paysafecard is a prepaid digital payment medium that uses vouchers with a 16-digit PIN code, credit card, independent of bank account, or other private information.

Skrill

Skrill is another popular payment option convenient for clients who live in New Zealand. An Online Account with Skrill permits you to receive payment, transfer for free, easily and speedily, and make payments online.

Development Of E-Payments

What did you expect when the world could no longer trade physically with cash and we all had to switch to using different payment options? Your guesses are as good as ours! There was instantly a significant growth in the digital payments market. Consider the following statistical figures and analysis to know more.

According to the results of research carried out by AksjeBloggen, the international digital payments market is foreseen to go on with the present growth they are experiencing in the coming years. This research even posited that the value of the digital payments market could reach as high as $6.7trn in value by 2023.

In 2017, the international digital payments market was estimated at a value of $3.1trn, according to the Statista data. In the previous three years, this value improved by well over 50%, surpassing 4.7trn in 2020. Other figures and analysis from CARG suggest that the whole digital payments enterprise is in the form to maintain this growth by about 12% in 2023.

Digital marketing embodies the major revenue channel in the industry with a $3.7trn marketing value in 2020. This industry is likewise worth almost 80% of the total market value for 2020.

A survey by Statista Further indicated that online trading activities for goods and services would remain the biggest revenue channel of the international digital payments industry in the coming years. And could reach a transaction value of about $4.5trn in 2023.

Similar to the foregoing, statistics similarly indicates that the coming years are set to experience substantial growth in mobile POS payments as well. In 2017, this section of the digital payments market had a value of about  $368.6bn. From then till now, there has been a growth of well over 175%, climbing up to a value of about $1trn in 2020. This prominent upward move is foreseen to go on even in the next few years with mobile payments evolving to be worth $2.1trn by 2023.

The past couple of years have likewise seen a rise in the average trade value of the mobile POS payments, rising from $447 in 2017 to $791 in 2020. By the closure of 2023, this value is anticipated to plunge to almost $1,290.

Statistics further reflects that in 2017, over 4.1bn people globally were utilizing different digital payment options. And, since 2017, the number plummeted to 25%, which is about 5.2bn this year.

The next few years are expected to experience an increasing number of users in the digital payments market. It is estimated that a total of 6.1bn people will use the payment options in 2023.

Top Geographical Digital Markets

1. China

Evaluated according to geographical locations, China stands as the highest digital payment market internationally with a transaction value of $1.9trn in 2020. The country is expected to attain nearly 50% of the market value by 2023.

2. United States of America

With a transaction value of $1trn, the United States follows in second place as the second-largest digital payments industry globally. The Statista report revealed that jointly, China and the United States would be worth almost 70% of the International digital payment’s transaction value in three years.

3. United Kingdom

The United Kingdom is rated third, amassing a market worth of $176bn in 2020.

4. Japan

Japan is next with a market value of $173.1bn

5. Germany

Germany is next with a value of $127.4bn.

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