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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 FISu00ae (NYSE: FIS).

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Diversify payment methods says global report

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  1. Diversifypaymentmethodssaysglobalreport BuyNow,PayLaterisprojectedtogrowfasterthananyother methodofpaymentin New Zealand overthenext fouryears,accordingtoanewreportreleasedtodayfrom financialtechnologyleaderFIS®(NYSE:FIS). TheannualGlobalPaymentsReportbyWorldpayfrom FIS,whichexaminescurrentand futurepayments trendsacross41countries,foundthat global trendsindigital commerceacceleratedunderthepandemic,pushing manynations muchcloserto becomingpredominantly cashlessmarkets. eCommerceTrends WithNewZealand’seCommerce marketcontinuingto grow amidthe pandemic,the FIS reportfound: Analysisinthereport forecasts rapidgrowthofBNPLtransactionsoverthenextfour years,asnewplayersenterthemarket.

  2. The explosion of BNPL could have significant consequences for eCommerce credit card transactions, projectedto decreasefrom 37.6percentin2019to22.8 percentin2024. eCommerce isprojectedto growfrom $5bnin2020to$7bnin2024,anincreaseof40 percent. By2024,eCommercesales viamobilephones areprojectedtogrowto61percent comparedto47percentin2020. In-StorePaymentTrends TheFISreportfound: Creditcardsremainthemostpopular paymentmethodforin-storepurchases, accountingfor almost37percentof transactionsin2020. Digitalwalletsarethefastestgrowingpaymentmethodin-storeanddatainthereport projects adoptionwillgrowat25percentannuallyfor the nextfouryears. Withtherapid responsetoCOVID-19inNewZealand,cashpayments haveremained stableat point ofsale(POS).Overthe next fiveyears,thecasheconomy isprojectedto decrease just0.7percentage pointstoaccount for12percent ofin-storetransactionsin 2024.TechnologyEntrepreneurMagazinesmarkedcontrasttotheirAustralian neighbors,wherethefindingssuggest that cashwillaccountforjust2 percentof paymentsby2024. “DespiteKiwisbuckingtheglobaltrendtowardsacashless paymentsmarket,withthe growth of Buy Now Pay Later New Zealand consumers are ushering in a new dawn in digitalcommerce,”saidPhil Pomford,GeneralManager APAC,WorldpayMerchant Solutionsat FIS.“BeyondBNPL,newtechnologieswill continue to change howwepay, andbusinessesneedtoaccommodatebydiversifyingpaymentmethods.Theshop floor is now in the palm of our hands and consumers expect the same hassle free and convenient shopping experience whether theyare purchasing inapp,through their socialfeedsorintherealworld. Tobesuccessfulit isvitalmerchants putcustomer experience at the heart of the checkout process. Those who increase their digital paymentscapabilitieswillbe well-positionedtocapture thenextwaveofgrowthinretail andeCommerce.”

  3. AboutThe Global Payments Report Figuresquotedaretakenfrom datapublishedinThe2021GlobalPaymentsReport by WorldpayfromFISunlessotherwisestatedorreferenced.Thisdata wascollectedusing consumersurveys,B2Bsurveysandinputfromlocalresearchteams.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 SamsungPaythatworkonlywithina specificmobileoperatingsystemaswellasdigital wallets suchasAlipay, WeChatPay,PaytmandAmazonPaythatareoperatingsystem- agnostic.

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