Kiwis Spend $197 Million Over Labour Weekend

PAYMARK PULSE

The regular report reflecting NZ consumer retail spending

MEDIA RELEASE

30 October 2002

Kiwis Spend $197 Million Over Labour Weekend

- Three Billionth Transaction Processed -

New Zealanders spent $197 million through the Paymark electronic payments system over Labour Weekend reveals Paymark Pulse, the new report reflecting retail consumer spending levels. This result compares with $182 million spent last year at the same time.

The report also shows that the Paymark system processed its three billionth transaction at 4.35pm on Monday 28th October.

Shoppers were out in force on Saturday spending a total of $85 million with the total value declining each day¡X$57 million was transferred from the accounts of individuals into the accounts of retailers or on to credit card accounts on Sunday, and $55 million on Monday.

Paymark Pulse shows credit card spending over Labour weekend (includes Amex, Diners, Mastercard, and Visa) was 29% of the total spent.

“Kiwis appear to be increasingly using and relying on electronic methods of payment, and this is reflected not only by the increasing value of each electronic payment but the fact that we’ve just processed three billion transactions,” says Sarah Watson Paymark spokesperson.

It took eleven years to record two billion transactions, and only an additional two years to record the next billion.

“The Paymark team were pleased to deliver glitch free processing over Labour weekend which is a particularly busy time for core service retailers, holiday related, and entertainment industries.

Traditionally Labour Weekend rates as the 3rd busiest shopping period of the year after the Christmas and New Year periods.

Supermarket spending through the Paymark system amounted to 27% of the total spent over the weekend, while spending at Service Stations nationwide was 10% of the weekend total.

“Shoppers spent significantly more in Auckland, Wairarapa, Marlborough and Otago this Labour weekend than last, showing increases of over 10% on last years figures,” she says.

Paymark Pulse Regional Labour Weekend Spend:

Region 2002- Value of total transactions 2001- Value of total transactions % change

Auck/Nthland $78,553,671 $70,074,323 10.79

Waikato $13,412,786 $12,296,963 8.32

Bay of Plenty $14,266,228 $13,656,509 4.27

Gisborne $1,741,228 $1,713,237 1.61

Taranaki & Taupo $4,990,536 $4,851,149 2.79

Hawkes Bay $5,514,505 $5,312,808 3.66

Wanganui $2,079,905 $2,061,199 0.90

Palmerston North $6,038,528 $6,367,605 5.45

Wairarapa $2,025,771 $1,808,271 10.74

Wellington $21,438,348 $20,270,903 5.45

Nelson $3,497,730 $3,195,969 8.63

Marlborough $2,562,962 $2,294,095 10.49

West Coast $1,324,390 $1,242,364 6.19

Canterbury $22,610,096 $20,805,891 7.98

South Canterbury $2,767,930 $2,607,071 5.81

Otago $10,062,362 $9,014,219 10.42

Southland $4,545,006 $4,202,102 7.54

Totals $197,431,981 $181,774,680 7.93

Ends.

ABOUT PAYMARK PULSE

The Paymark system run by Electronic Transaction Services Ltd (ETSL) processes approximately 90% of New Zealand’s electronic payment transactions (both debit and credit). It is therefore effectively able to measure the general “pulse’ of electronic payment transactions across the nation on a regular basis.

Paymark Pulse is the regular report that reflects electronic consumer spending in New Zealand.

Paymark Pulse will present topical results and commentary, providing information to New Zealander’s on their spending behaviour.

Because the level of transactions can vary on a regular basis due to consumer spending behaviour, Paymark Pulse will be issued as a regular topical report around special trading periods such as Christmas, Valentines Day, and Easter.

The total electronic payment spend (credit cards and debit cards) for Labour weekend is for the Paymark network only. It should be noted that the overall percentage change includes not only growth in retail spend but also the growth of electronic payments as a payment mechanism over cash, cheque and other non-electronic forms of payment.

THE PAYMARK FACT FILE

- The Paymark, is New Zealand’s mark of electronic payment security. It ensures a secure future for electronic payments in New Zealand.

- The Paymark is administered and developed by ETSL and owned by four major banks - ASB BANK, Bank of New Zealand, The National Bank and Westpac. All leading electronic payment cards (debit and credit) use the Paymark system.

- A point of payment marked with the Paymark means certification has taken place.

- The Paymark is a visible sign which means that consumers’ point of payment is safe.

- The Paymark is not associated with organisations that cannot offer the highest levels of security. This ensures the greatest protection for consumers and merchants.

- The terminal certification specification for Paymark EFTPOS in New Zealand is among the most stringent worldwide.

- The Paymark network is among the most reliable worldwide. ETSL has been awarded the prestigious International Tandem User Group award for systems availability for five of the past six years.

- The Paymark network connects approximately 55,000 retailers to their banks for payments processing.

- Each day an average of 1.2 million transactions are processed by Paymark's processing systems on behalf of 3.5 million consumers and 55,000 retailers.

- The average time it takes a transaction to pass through the Paymark switch is 0.07 of a second.

ENDS

© Scoop Media