The New Zealand card payments market is projected to grow at a compound annual growth rate of 3.9% from 2025 to 2029, according to GlobalData, reaching NZD125.6 billion by 2029.
This growth, says the data and analytics company, is driven by:
- The continued shift toward electronic payments
- The increasing adoption of contactless cards
- A robust digital payments infrastructure that supports consumer spending and financial inclusion
GlobalData’s latest report, ‘New Zealand Cards and Payments – Opportunities and Risks to 2028’, reveals that card payment value in NZ registered a growth of 6.1% in 2023, driven by the rise in consumer spending. The value grew further to register an estimated growth of 2% in 2024 to reach NZD104 billion in 2024.
“NZ is gradually moving towards the digitalisation of its payment infrastructure, supported by a 100% banked adult population, mature payment card market, and the expansion of POS infrastructure,” says GlobalData Lead Banking and Payments Analyst Ravi Sharma.
“Increasing preference for cashless payments, the growth of the ecommerce market, and the adoption of contactless payment methods also contributed to this growth.”
Debit card payments hold a significant share of the total card payments market in NZ accounting for 47.8% in total payment value in 2024.
Although credit and charge cards account for a limited proportion of cards in circulation, they account for 52.2% share in 2024.
Mature payments infrastructure
NZ boasts a mature payments infrastructure, with one of the strongest POS terminal uptakes.
“Local scheme provider EFTPOS NZ is the key driver behind this with over 60,000 businesses and more than 90,000 devices are connected to its network,” says GlobalData.
“The uptick in payment acceptance is also driven by the availability of mobile POS solutions. For example, EFTPOS offers Android-based terminals that accept both contactless and chip and PIN-based cards, as well as mobile payments.”
Contactless cards
In NZ, contactless cards are becoming more popular as banks and scheme providers push this technology.
“All the country’s major financial institutions now offer contactless cards,” says GlobalData. “The number of such payments is likely to grow as more contactless cards are issued and merchants increasingly adopt contactless POS terminals.”
Looking ahead
“The outlook for card payment growth in NZ is positive, driven by the ongoing shift from cash to debit cards for low-value transactions and the increasing preference for contactless payments,” says Mr Sharma.
“Payment cards are primarily used at the point of sale rather than for ATM withdrawals, reflecting the broader consumer shift towards electronic payments.
“Additionally, anticipated economic growth and lower inflation are expected to further boost card spending.”