Visa says it can’t see credit cards disappearing any time soon, but the results of its latest YouGov survey show the majority of New Zealanders eager to use new technologies to make payments.
Almost 80 percent of people surveyed said they would use their mobile for everyday purchases. A further 25 percent said they would likely use a wearable device such as a smart watch.
The findings were released on the same day that the Co-operative Bank added online EFTPOS to its internet banking and mobile app offerings. The new service enables customers to shop online for goods and services, and pay using money from their transactional account rather than using a credit card. The service has been developed by New Zealand digital payments provider Paymark.
Visa saysa 65 percent of the 500 New Zealanders surveyed said they were likely to try out new ways of paying for goods and services. Also, the number of people saying they would be willing to use an internet connected device, such as a car or fridge, to make payments has grown from 12 percent in September 2016 to 30 percent in the eight months to May 2017 when the latest survey was carried out.
Marty Kerr, Visa’s country manager for New Zealand and South Pacific, said the rise in the number of people comfortable with the thought of new payment methods, such as connected devices, showed New Zealanders were ready to embrace the future of commerce.
“Almost half of those surveyed said the ability to leave the house with nothing more than their phone would make life easier, highlighting a keen desire for convenience and simplicity," he said.
Kerr said the payments industry was at an inflection point. “Just like the music industry, where digital platforms have given consumers a simpler and better way to access their favourite music, we’re evolving to find simpler and better ways for consumers to pay.”
Visa says also that despite openness to new technologies, New Zealanders were still somewhat sceptical about the use of artificial intelligence as a means of payment. “Thirty six percent of those surveyed said they understand AI is the future but don’t yet feel ready for it.” However it offered no explanation as to what AI might mean in the context of payments.