Diversify payment methods says global report
                     Diversify payment methods says global report
Buy Now, Pay Later is projected to grow faster than any other 
method of payment in  New Zealand over the next four years, 
according to a new report released today from  financial 
technology leader FIS® (NYSE: FIS).
The annual Global Payments Report by Worldpay from FIS, which 
examines current and  future payments trends across 41 countries, 
found that global trends in digital  commerce accelerated under the 
pandemic, pushing many nations much closer to  becoming 
predominantly cashless markets.
eCommerce 
Trends
With New Zealand’s eCommerce market continuing to grow amid 
the pandemic, the FIS  report found:
Analysis in the report forecasts rapid growth of BNPL transactions 
over the next four  years, as new players enter the market.
The explosion of BNPL could have significant consequences for 
eCommerce credit card  transactions, projected to decrease from 
37.6 percent in 2019 to 22.8 percent in 2024.  eCommerce is 
projected to grow from $5bn in 2020 to $7bn in 2024, an increase of 
40  percent.
By 2024, eCommerce sales via mobile phones are projected to 
grow to 61 percent  compared to 47 percent in 2020.
In-Store Payment Trends
The FIS report found:
Credit cards remain the most popular payment method for 
in-store purchases,  accounting for almost 37 percent of 
transactions in 2020.
Digital wallets are the fastest growing payment method in-store 
and data in the report  projects adoption will grow at 25 percent 
annually for the next four years.
With the rapid response to COVID-19 in New Zealand, cash payments 
have remained  stable at point of sale (POS). Over the next five 
years, the cash economy is projected to  decrease just 0.7 
percentage points to account for 12 percent of in-store transactions 
in  2024. Technology Entrepreneur Magazines marked contrast to 
their Australian  neighbors, where the findings suggest that cash will 
account for just 2 percent of  payments by 2024.
“Despite Kiwis bucking the global trend towards a cashless 
payments market, with the  growth of Buy Now Pay Later New 
Zealand consumers are ushering in a new dawn in  digital 
commerce,” said Phil Pomford, General Manager APAC, Worldpay 
Merchant  Solutions at FIS. “Beyond BNPL, new technologies will 
continue to change how we pay,  and businesses need to 
accommodate by diversifying payment methods. The shop  floor is 
now in the palm of our hands and consumers expect the same 
hassle free and  convenient shopping experience whether they are 
purchasing in app, through their  social feeds or in the real world. To 
be successful it is vital merchants put customer  experience at the 
heart of the checkout process. Those who increase their digital  
payments capabilities will be well-positioned to capture the next 
wave of growth in retail  and eCommerce.”
About The Global Payments 
Report
Figures quoted are taken from data published in The 2021 Global 
Payments Report by  Worldpay from FIS unless otherwise stated or 
referenced. This data was collected using  consumer surveys, B2B 
surveys and input from local research teams. 46,000  consumers 
were surveyed globally. For research methodology, please refer to 
page 135  of the report. Digital wallets are mobile wallets such as 
Apple Pay, Google Pay and  Samsung Pay that work only within a 
specific mobile operating system as well as digital  wallets such as 
Alipay, WeChat Pay, Paytm and Amazon Pay that are operating 
system-  agnostic.