Cash is proving to be a resilient component of the payments mix in New Zealand, the 2023 Cash Use Survey released by the Reserve Bank of New Zealand on Friday has found.
The study shows 57 per cent of survey respondents were using cash for everyday purposes in 2023.
Then 82 per cent of all people used cash at least once a week to make a payment.
“Cash remains stable” was one key takeaway from the research. Of respondents that mainly used cash in 2023, the ratio was 10.3 per cent, a modest change from 10.0 per cent at the prior survey in 2021.
Debit cards and Eftpos “remains the most popular method for everyday transactions, followed by credit cards and cash.”
Perhaps surprisingly, there is no marked substitution towards digital wallets for payments, and away from physical card payments and internet banking. Digital wallets and mobile phones was only 5.2 per cent.
The RBNZ said that almost half (49 per cent) “felt concerned about fewer people using cash in the future, compared to 42 per cent who weren’t concerned. “
The study involved a postal survey, which could also be completed online. Responses tended be weighted to older age groups, who are also more likely to use and favour cash.