11 Feb 2016

Kiwis keen on cashless payments

9:21 am on 11 February 2016

A cashless society is getting closer, according to a survey.

The survey of 1008 consumers by credit card company MasterCard found 49% expected cash would not be used in 10 years time.

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Photo: 123RF

But many thought retailers needed to do more to embrace new payment technologies that would allow greater use of smartphones or other contactless devices.

The country manager for MasterCard New Zealand, Peter Chisnall, said New Zealand was already leading the developed world in cashless payments.

"Already four out of five payment transactions are made electronically, and that's the lowest [cash use] in the OECD (Organisation of Economic Co-operation and Development).

"The next step change we will see will be the advent of the new technologies which will only reduce the time we use cash for payment."

Advances would include safer and more efficient smartphones, and in time could even mean payment devices in watches or rings.

The survey showed security of banking and personal details remains a major concern preventing many people from ditching cash, while the slowness of retailers to upgrade to modern terminals was another barrier.