December spending up on 2016

GISBORNE people spent more than $53 million on their plastic cards over December, 10.2 percent more than the previous year.

Recent figures released from Paymark, which records 75 percent of all electronic transactions, also show the number of transactions went up.

There were 1.24 million swipes, or waves, of debit and credit cards at Gisborne retail outlets last month, 9.4 percent more than December 2016.

Gisborne had the fourth-highest increase in spending across the country.

Marlborough was first with an 18.6 percent increase and a total month spend of $77.8 million, followed by the West Coast and Wairarapa.

Spending over all months of 2017 through the Paymark network totalled a record $60 billion across New Zealand.

Underlying spending growth was again strong at 5.4 percent, although slightly below the 5.8 percent averaged over the previous five years.

Spending with debit cards rounded out to nil annual growth rate while credit and contactless card spending increased 11.5 percent.

The switch from debit cards to contactless cards creates an extra cost for merchants at the point of sale but debit cards were still used for the majority (51.5 percent by value) of spending through Paymark (down from 54.2 percent in 2016).

GISBORNE people spent more than $53 million on their plastic cards over December, 10.2 percent more than the previous year.

Recent figures released from Paymark, which records 75 percent of all electronic transactions, also show the number of transactions went up.

There were 1.24 million swipes, or waves, of debit and credit cards at Gisborne retail outlets last month, 9.4 percent more than December 2016.

Gisborne had the fourth-highest increase in spending across the country.

Marlborough was first with an 18.6 percent increase and a total month spend of $77.8 million, followed by the West Coast and Wairarapa.

Spending over all months of 2017 through the Paymark network totalled a record $60 billion across New Zealand.

Underlying spending growth was again strong at 5.4 percent, although slightly below the 5.8 percent averaged over the previous five years.

Spending with debit cards rounded out to nil annual growth rate while credit and contactless card spending increased 11.5 percent.

The switch from debit cards to contactless cards creates an extra cost for merchants at the point of sale but debit cards were still used for the majority (51.5 percent by value) of spending through Paymark (down from 54.2 percent in 2016).

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