$5.3 Billion Spent Through The Paymark Network In December

$5.3 Billion Spent Through The Paymark Network In December 2014

Kiwis spent a total of $5.3 billion dollars through the Paymark network in December 2014, up $300 million on December 2013 when $5 billion was recorded.

Spending on New Year’s Eve was higher than spending on Boxing Day with approximately $172 million processed via the Paymark network. This was up by $12.2 million on New Year’s Eve 2013 spending totalled $160 million.

The total number of transactions via the Paymark network on New Year’s Eve 2014 was 3,724,443; an increase of 197,878 on New Year’s Eve 2013.

Paymark achieved a significant milestone in December 2014, hitting its 13 billionth transaction. The transaction was recorded on Saturday, 27th December 2014 in Taupo at 15:52:13.

Paymark’s 12 billionth transaction was recorded on January 31st 2014, only 11 months beforehand.
Achieving this milestone in less than 11 months may reflect the 300% growth in contactless transactions through the Paymark network over the past year.

Note: History shows that changes in Paymark transactions are not always consistent with retail sales, as released by Statistics NZ, but they do provide a wide measure of household spending. Some Paymark transactions occur through merchants not currently considered part of the retail sector. Some electronic sales are transacted through other switching houses and there remains spending with cash, cheques or other non-electronic means. Paymark spending includes any GST paid to the merchant, and also includes cash withdrawals at the time of purchase.

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