DUBLIN--(BUSINESS WIRE)--The "Payments Snapshot in New Zealand: Coronavirus (COVID-19) Sector Impact" report has been added to ResearchAndMarkets.com's offering.
On March 17, 2020, New Zealand's government approved a NZ$12.1bn ($8.16bn) economic package equivalent to 4% of the country's GDP to support the economy and contain job losses. The package includes a NZ$5.1bn ($3.44bn) wage subsidy and NZ$500m ($337.23m) to support health services.
In an attempt to avoid contraction in the overall economy, on March 16 the Reserve Bank of New Zealand (RBNZ) reduced its official cash rate to 0.25% - a 75 basis points cut. The rate will be kept at 0.25% for at least one year according to the RBNZ.
This report focuses on the impact of the Coronavirus outbreak on both the economy and the cards and payments industry in New Zealand. Based on our proprietary datasets, the snapshot provides a detailed comparison between pre-COVID-19 forecasts and revised forecasts of total payment card, debit card, and credit and charge card transactions by value and volume. It also offers information on measures taken by the government to combat Coronavirus.
Scope of the report:
- Coronavirus has had a profound effect on New Zealand's tourism industry. Tourism is the country's biggest export earner, contributing 21% of foreign exchange earnings and 5.8% of GDP while providing jobs to around 230,000 individuals. Chinese tourists have been barred from entering the country since February, resulting in significant lost revenue.
- While cash is likely to take a back seat in the short term, usage of contactless cards will grow. The temporary increase of the contactless payment limit from NZ$80 ($53.96) to NZ$200 ($134.89) will further boost digital payments.
- Retail customers and small businesses are especially vulnerable. Some of the relief measures offered by ASB Bank include a 90-day overdraft limit at a reduced annual interest rate of 2.95% and the ability to pay only interest on home loans for up to six months. Similarly, BNZ Bank is allowing personal loan repayment deferrals of up to six months.
Key report benefits:
- Make strategic decisions using top-level revised forecast data on New Zealand's payment industry.
- Understand the key market trends, challenges, and opportunities in New Zealand's cards and payments industry.
- Receive a comprehensive insight into payments market in New Zealand.
Key Topics Covered:
- Impact Assessment
- Total Payment Cards Market vs. Pre-COVID-19 Forecasts
- Debit Card Payments Market vs. Pre-COVID-19 Forecasts
- Credit and Charge Card Payments Market vs. Pre-COVID-19 Forecasts
- Supplementary Data
For more information about this report visit https://www.researchandmarkets.com/r/stz09f
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