More and more New Zealanders are embracing digital payment methods as opposed to paying in cash.

A recent survey by MasterCard shows 49 per cent of New Zealanders expect they will not be using cash in 10 years’ time, and over a third of those surveyed think retailers need to do more to embrace new payment technologies.

“New Zealanders are increasingly seeking fast, convenient and secure ways to pay,” Peter Chisnall, MasterCard New Zealand country manager, said, according to an article published by Scoop.

Chisnall said retailers who are “offering new technologies like contactless payments are finding it a fast, reliable and easy way for customers to pay and provides a positive customer experience.”

The research indicates transactions through cash will continue to decrease, with 36 per cent of consumers saying they could live without cash and only use emerging technologies in just a few years’ time. Forty-one per cent of those surveyed have indicated they would already consider using contactless technology using their smartphones.

Chisnall said MasterCard is encouraging retailers to ensure their terminals are enabled to accept contactless payments because, according to him, this technology not only supports the use of contactless cards, it also opens the door to emerging payment technologies, like mobile payments.

The study shows consumers are very much concerned with security when it comes to using digital payments, with 49 per cent stating it was their top concern. But, interestingly, concern about online security for personal and banking details has decreased, according to this year’s survey, with 66 per cent of New Zealanders making purchases online at least once a month.