DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/2csxww/annual_market) has announced the addition of the "Annual Market Overview: New Zealand Payments 2014" report to their offering.
Bouncing back from the effects of the global financial crisis (GFC) and the 2011 Christchurch earthquake, New Zealand's economy appears to be going from strength to strength, with economic activity growing by a six year record of 3.5% over the 12 months to September 2013. In March 2014, New Zealand became one of the first developed nations to raise interest rates following the GFC. The Reserve Bank of New Zealand (RBNZ) increased the official cash rate by 25 basis points, from 2.50% to 2.75%, the first cash rate rise since March 2011. New Zealand has also seen recent decreases in unemployment, with the unemployment rate dropping to a three year low of 6.00% in September 2013. All of these positive economic factors have translated into increasingly positive consumer sentiment, with the Westpac-McDermott Miller Consumer Confidence Index rising to 120.1 in December 2013.
According to RBNZ data, the total value of cash (notes and coins) in the New Zealand payments system increased by 7.9% over the 12 months to January 2014, from $4.0bn to $4.3bn. However, New Zealand appears to be less reliant on cash than other countries, with strong growth and penetration of cards payments over the last 30 years displacing cash payments. New Zealand also has less cash circulating per capita compared to other OECD countries. Payments NZ believes that cash is increasingly being used as an asset class in New Zealand, rather than as a payment instrument. Card transactions are largely filling the gap left by cash in the payment system with the value of electronic card payments increasing steadily in New Zealand over the past ten years.
Features and Benefits
- Provides an overview of the current New Zealand economic outlook
- Examines changes in the payments landscape and identifies payment trends
- Provides economic forecasts for 2014 to 2017
Key Questions Answered
- What are some of the key factors affecting payments in New Zealand?
- How has the New Zealand payments landscape changed over time?
- What does the future hold for payments in New Zealand?
For more information visit http://www.researchandmarkets.com/research/2csxww/annual_market