The growth of prepaid card market in New Zealand

For now, New Zealand’s e-commerce market is one of the most rapidly growing in the world. Kiwis are willing to make online purchases both on desktop and mobile, which motivates new companies and technologies to enter the market and to fight for users’ attention.

Simple e-wallets are no longer enough and people are looking for more secure and fast ways of making online payments. One of them is a prepaid card. Today we’ll tell you more about these cards, will explain how you can benefit, and how much Kiwis need to pay for them.

It’s impossible to ignore the growing popularity of prepaid cards, so don’t lag behind and learn about all the benefits this payment method has in store.

Prepaid cards and their popularity among Kiwis

Let us start with a definition. A prepaid card is a card, which a person can use to purchase things. It is a card loaded with a particular sum. You pay the money and can then spend up to that particular amount.

They are often called prepaid debit or stored-value cards, and in New Zealand can be purchased in multiple land-based stored and online websites. There are even several prepaid cards, which have a MasterCard or Visa logo and look exactly like a credit card.

When Kiwis are asked why they choose prepaid cards, the reasons vary. But the most popular are:

• There’s no need to create a bank account;
• You don’t have to pay the bill because you use the funds you already have;
• It’s convenient because you don’t have to indicate personal details;
• There’s no need to carry cash.

You may see Kiwis using Paysafe to play online pokies for real money, doing grocery shopping, or buying gifts at a local store simply by entering a unique PIN code from the card.

The price of a prepaid card

There is a big variety of prepaid cards on the market, each of which comes with a different fee and particular features. Thus, New Zealanders have to compare multiple options to pick the best one.

Luckily, the growth of the prepaid card market urged companies to make more beneficial terms. Traditional prepaid cards have a fixed price or a monthly fee to start using it. Some cards are free to use, while others may charge a particular sum for making a transaction.

Probably the best and the cheapest is a prepaid card that comes in the form of a voucher. Kiwis can simply purchase it at a local store and then insert a unique code when making an online purchase. One of the most popular cards of this type is Paysafe, which contains a 16-digit code and doesn’t require any personal details.

The best advantage of such vouchers is that they are completely anonymous and you don’t have to indicate personal information or other sensitive data to make an online payment. Such cards are especially popular among younger Kiwis, who want to remain unidentified.

Another option, which New Zealanders choose is a prepaid card from Westpac. It costs NZ $20 and can be purchased at any Westpac branch. However, to open a card you need to bring identification and proof of address.

Tendencies

Even though Kiwis are known for their love for the national currency and cash money, they also move towards online payments and keep abreast of emerging technologies. E-wallets are no longer impressive and users switch to such options as cryptocurrency and prepaid cards.

With the help of such vouchers like Paysafe Kiwis don’t need to open a bank account, carry cash, or share sensitive data. Market analysts are sure that the share of prepaid cards will continue to grow and more and more Kiwis will switch to them.

The interest continues to grow

New Zealand no longer lags behind in terms of monetary policy and implementation of the latest technologies. That is why more and more Kiwis, not depending on their age, background, and level of expertise, choose prepaid cards. This convenient, fast, and secure way of making payments grants people with freedom and comfort, earning thousands of fans across the country.

We are sure that the market proceeds to expand and more companies will emerge. Continue reading our articles to remain updated on the latest events.