GFC changes card behaviours
(24 March 2010 – New Zealand) The latest figures released by Statistics NZ (SNZ) and the Reserve Bank of New Zealand (RBNZ) indicate that the GFC has had a strong affect on the way New Zealanders are spending.
The new figures revealed that New Zealand cardholders are making a conscious preference to use electronic transactions, just not credit.
While overall card transactions are growing, monthly spend on credit cards remains lower today than it was 12 months ago, indicating that while all forms of payment were affected by the global downturn, the use of credit in New Zealand is recovering at a much slower rate than other electronic payment options.
SNZ figures showed the total value of electronic transactions in the rolling 12 months to the end of February rose 2.2 percent from a year earlier to NZ$57.47 billion (A$44.25 billion), while the number of transactions rose 6.4 percent to NZ$1.1billion.
However, Reserve Bank figures put credit card billings for the year to the end of February at NZ$28.32 billion, down 2.1 percent.
MasterCard said, in a statement, that this is indicative of cardholders taking stock of wider economic conditions and consciously choosing alternate electronic payment options.
While overall card transactions are growing, monthly spend on credit cards remains lower today than it was 12 months ago, indicating that while all forms of payment were affected by the global downturn, the use of credit in New Zealand is recovering at a much slower rate than other electronic payment options.
SNZ figures showed the total value of electronic transactions in the rolling 12 months to the end of February rose 2.2 percent from a year earlier to NZ$57.47 billion (A$44.25 billion), while the number of transactions rose 6.4 percent to NZ$1.1billion.
However, Reserve Bank figures put credit card billings for the year to the end of February at NZ$28.32 billion, down 2.1 percent.
MasterCard said, in a statement, that this is indicative of cardholders taking stock of wider economic conditions and consciously choosing alternate electronic payment options.
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