Chart of the WeekL 1 in 2 e-commerce purchases in New Zealand use payment cards

Cash accounted for just 3% of all e-commerce payments.

Payment cards accounted for 57% of all e-commerce purchases in New Zealand in 2023, according to data and analytics company GlobalData.

The country’s e-commerce market grew by 14% in 2023 to $7.6b in value. The market is expected to grow by 12.1% and be worth $8.5b in 2024.

Currently, almost 9 in 10 (86%) of respondents in New Zealand have shopped online in the past six months, and only 4.3% of respondents have never shopped online.

Faster checkout options such as Click to Pay and PayPal One Touch, and payment solutions such as Mastercard Identity Checker reportedly helped encourage consumers to shop online.

Payment cards remain the most preferred method of paying, demonstrating a strong attachment to this traditional payment method, GlobalData found.

ALSO READ: Malaysia’s credit, charge card market value grows to $50.5b in 2024

Credit and charge cards, meanwhile, accounted for 36.6% of the e-commerce card payments share.

Alternative payment solutions are also increasingly being used for online purchases, collectively accounting for 23.2% share. Some popular brands are Afterpay, Apple Pay, and PayPal.

Cash accounted for a share of just 3%.

“Evolving authentication measures that offer enhanced security and faster checkout options will further boost consumer confidence and encourage online payments,” noted Kartik Challa, senior banking and payments analyst at GlobalData.

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