Public document released by the Central Bank describes measures to be taken by the company in order to disproof malpractices
New Zealand is a leading economy in the Oceania region with a population of nearly 4.8 million Kiwis. Internet penetration is 92% and the number of online buyers is just under 2 million. The smartphone penetration rate is 90% and about 30% of Internet users have already made a purchase via their smartphone. In 2017, Kiwis spent 855$ US per capita online and 12,793$ US per capite at brick-and-mortar shops. The projected compounded growth rate is expected to be 8% per year until 2022.
Credit cards are the preferred payment method. Above all, the local card scheme Electronic Funds Transfer at Point Of Sale (EFTPOS) enjoy a strong popularity with 52% of the cards in circulation. Other payment methods are POLi, Payment Express Account2Account, E-Wallets (e.g. Masterpass or PayPal) and pay on delivery. Mobile wallets were used to pay for 19% of e-commerce transactions and 2% of POS transactions in 2017.
Payment Express, IP Payments, SecurePayTech.com, Paymark, MerchantWarrior, Flo2Cash Limited, Paymate, Eway and IntegraPay are all popular payment providers in New Zealand.
New Zealanders spend 1.3 billion NZD on foreign websites, over a third of all online transactions - the trend is growing. While local e-commerce merchants must include a 15% Goods and Services Tax, international orders under 400 USD are not subjected to it. Regulation changes are expected in order to help local businesses. Most orders are delivered from the USA, Australia and the UK. Meanwhile, most exports are sent to Australia, China, the USA, Japan and the UK.
As mobile sales are expected to grow exponentially in the next years, merchants should ensure that their mobile offer is optimized. The quality of the delivery of is also a differentiating factor. The costs should be kept to a minimum, for example through a premium membership, or by allowing customers to collect their order in-store.
Credit card 36%
Bank transfer 19%
Debit card 18%
Pay on delivery 4%
4 Bil. USD
Population: 4.8 Mil.
Internet Usage: 92%
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