14 billionth EFTPOS transaction arrives ahead of schedule

14 billionth EFTPOS transaction arrives ahead of schedule

Auckland, Thursday 12 November 2015: New Zealanders love to use their EFTPOS cards and since 1989 have clocked up 14 billion transactions using the Paymark network.

The first billion transactions took until April 1998 to achieve but from there the pace of usage increased with the second billion taking two and a half years, and the third almost exactly two years.

Today, New Zealanders race through a billion transactions in just over ten months, something Paymark CEO Mark Rushworth says shows New Zealand continues to lead the world in digital payments.

“We started this digital payments journey many years before most other economies around the world and today we’re still going strong. Kiwis have made the move to digital payments wholeheartedly and for many, the idea of carrying cash is just something that doesn’t happen any longer.”

While the rest of the world catches up with our usage, Paymark isn’t resting on its laurels.

“We’re going to be introducing a range of new products to help keep Kiwis at the forefront of digital payments but more importantly, to help make life easier for New Zealanders as they shop both online and in person.”

With Christmas rapidly approaching, Paymark is gearing up for the busiest time of year in the payments industry.

Last year, $404.3 million spent through the Paymark network on Christmas Eve and Boxing Day.

Christmas Eve alone accounted for $263.5 million in processing, an increase of 10.5% on the previous year.

“Each year sets a new record in terms of spending and we’re eagerly awaiting this year to see how it turns out,” says Rushworth.

ENDS

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