Kiwis embracing the future of commerce

07/04/2017

Sixty-Five percent of New Zealanders likely to try out new ways of paying

 

AUCKLAND - According to the latest YouGov survey, commissioned by Visa¹, almost two-thirds (65%) of Kiwis say they’re likely to try out new ways of paying for goods and services. This growing appetite includes connected devices, with the same survey indicating the number of people willing to use an internet connected device, such as a car or fridge, to make payments has grown from only 12 percent in September 2016 to 30 percent today.

Marty Kerr, Visa’s Country Manager for New Zealand and South Pacific, said whilst Visa doesn’t see the plastic card disappearing any time soon, 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.

“The world of commerce continues to change at a frantic pace and the role of payments is evolving at equal speed, becoming increasingly invisible. The results tell us Kiwi consumers are driving this shift by experimenting with new ways to pay for the things they need, want or enjoy. 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.

Almost 80 percent of people surveyed said they would use their mobile for everyday purchases. A further 25 percent were likely to use a wearable device such as a smart watch.

“The payments industry is 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,” said Kerr.

In spite of this openness to new technologies, New Zealanders are still somewhat skeptical about the use of artificial intelligence (AI) as a means of payment: 36 percent of Kiwis say they understand AI is the future but don’t yet feel ready for it.

“When it comes to new forms of commerce, there are many great innovations coming through and we’re only starting to scratch the surface in terms of the role AI can and will play in the future. When we look at the attitudes of 18 – 35 year olds, who are going to be among the biggest users of these new technologies, it’s promising to see 29 percent say they’re ready or somewhat ready for the opportunities AI can bring. It’s going to be interesting to see that figure increase over time as consumers continue to influence technology development to meet their changing needs.

“We’re on the cusp of some fantastic innovation with the growth of intelligent commerce and the next generation of New Zealanders will have infinitely more choice in how they pay – from cars, watches, fridges and mobile phones, to eyes and fingers,” he concluded.

 

¹ Visa/YouGov Survey May 2017

 

About the Survey
Research was undertaken by YouGov, which conducts online polls using ActiveSampling to provide comprehensive market intelligence on a range of industry sectors. This particular piece of research included 500 people in New Zealand, surveyed between 16 – 19 May 2017.

About Visa Inc.
Visa Inc. is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information visit www.visa.co.nz and @VisaNewsAU.