New Zealand

The Reserve Bank of New Zealand (RBNZ) has released its Cash Use in New Zealand survey and its Access to Cash survey results. These show cash use for everyday purchases falling from 95.8% in 2019 to 56.6%. Some 19.5% reported being unable to pay with cash somewhere in recent months. Big cash users are 60–74 year olds (62.5%), rural residents (65.5%) and Māori (63.7%).

The Reserve Bank of New Zealand will launch and fund trials to test new ways for consumers and merchants to withdraw and deposit cash, including coins, at little or no cost.

The Reserve Bank of New Zealand and payments sector incumbents worked to reestablish cash services after cyclone Gabrielle hit the North Island in February.

Queen Elizabeth II’s passing marked the beginning of a complex redesign and updating of banknotes and coins in the United Kingdom and many countries worldwide.

Te Pūtea Matua, the Reserve Bank of New Zealand has engaged in a three-year Future of Cash programme aimed at scoping the dynamics of cash use and assessing whether there is a role to act in either preserving the cash system for future years or meeting the needs of cash users in other ways.

Due to exorbitant interchange and contactless service fees, a growing number of merchants are abandoning tap-and-go at checkout in New Zealand.

New Zealand identified the benefits of having access to multiple payment methods, including cash, and will therefore not switch to cashless anytime soon.