According to the latest YouGov survey, commissioned by Visa, almost two-thirds (65 percent) of Kiwis say they’re likely to try out new ways of paying for goods and services.
This growing appetite includes connected devices, with the same survey indicating the number of people willing to use an Internet connected device, such as a car or fridge, to make payments has grown from only 12 percent in September 2016 to 30 percent today.
Marty Kerr, Visa’s Country Manager for New Zealand and South Pacific, said whilst Visa doesn’t see the plastic card disappearing any time soon, the rise in the number of people comfortable with the thought of new payment methods, such as connected devices, showed New Zealanders were ready to embrace the future of commerce.
“The world of commerce continues to change at a frantic pace and the role of payments is evolving at equal speed, becoming increasingly invisible. The results tell us Kiwi consumers are driving this shift by experimenting with new ways to pay for the things they need, want or enjoy. Almost half of those surveyed said the ability to leave the house with nothing more than their phone would make life easier, highlighting a keen desire for convenience and simplicity,” he said.
Almost 80 percent of people surveyed said they would use their mobile for everyday purchases. A further 25 percent were likely to use a wearable device such as a smart watch.
“The payments industry is at an inflection point: just like the music industry, where digital platforms have given consumers a simpler and better way to access their favourite music, we’re evolving to find simpler and better ways for consumers to pay,” said Kerr.
In spite of this openness to new technologies, New Zealanders are still somewhat skeptical about the use of artificial intelligence (AI) as a means of payment: 36 percent of Kiwis say they understand AI is the future but don’t yet feel ready for it.
“When it comes to new forms of commerce, there are many great innovations coming through and we’re only starting to scratch the surface in terms of the role AI can and will play in the future. When we look at the attitudes of 18–35 year olds, who are going to be among the biggest users of these new technologies, it’s promising to see 29 percent say they’re ready or somewhat ready for the opportunities AI can bring. It’s going to be interesting to see that figure increase over time as consumers continue to influence technology development to meet their changing needs.
“We’re on the cusp of some fantastic innovation with the growth of intelligent commerce and the next generation of New Zealanders will have infinitely more choice in how they pay – from cars, watches, fridges and mobile phones, to eyes and fingers,” Kerr says.
Photography: William Perugini/Shutterstock