MasterCard NZ: Digital wallets lock in the benefits

New Zealanders are increasingly shopping online, although many have yet to fully unlock the benefits of digital wallets...

New Zealanders are increasingly shopping online, although many have yet to fully unlock the benefits of digital wallets, according to new research from MasterCard.

A recent MasterCard survey of shopping habits showed 75% of New Zealanders regularly shop online and two thirds are open to the idea of using a digital wallet.

“Increasing numbers of Kiwis are shopping online, and looking for faster and safer ways to do so,” says Peter Chisnall, Country Manager, MasterCard New Zealand.

“Digital wallet platforms, including MasterCard’s MasterPass, have only been available in New Zealand for a short time but we’re already seeing uptake from early adopters.

"As is expected with new technology, uptake is gradual before people discover the benefits, with our survey finding 43% of respondents needed more information before they would consider using a digital wallet.”

A digital wallet is a cloud-based payment form that can be used on a smartphone, tablet, laptop or desktop computer.

Once set up, the user’s credit, debit or prepaid card information is securely stored in one location, simplifying the process of completing a transaction by removing the need to enter payment and delivery details every time a purchase is made – which is particularly useful for those devices with smaller screens.

As well as offering a fast and safer way to pay, digital wallets provide further experience enhancing benefits including the ability to input multiple loyalty and rewards scheme cards, shipping information and addresses, which can be easily selected during checkout.

“No one wants to carry around multiple loyalty cards, nor is it possible to remember which one is used where," Chisnall adds.

"So being able to store this information electronically, to be quickly selected at check-out with the appropriate shipping address is a significant transformation of the status quo."

Asked about their biggest concern when online shopping, 60% of survey respondents cited the security of banking and personal details.

“New Zealand consumers are technologically savvy and have a real desire for a safe and efficient way to make digital payments," Chisnall adds.

"Using a MasterPass connected digital wallet is an easy way to make sure payment transactions are as safe and convenient as possible.

"Guaranteeing users that their information is stored securely and safely through a legitimate service."

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