Market Research Report
Payments Snapshot in New Zealand - Coronavirus (COVID-19) Sector Impact
|Published by||GlobalData||Product code||943952|
|Published||Content info||23 Pages
Delivery time: 1-2 business days
|Payments Snapshot in New Zealand - Coronavirus (COVID-19) Sector Impact|
|Published: June 18, 2020||Content info: 23 Pages||
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020.
New Zealand has been able to successfully contain the virus spread with strict lockdown measures and policies, with total confirmed cases of 1,507 and a death toll of just 22. While the crisis has caused the country's economy to contract, it will gradually recover now that the lockdown restrictions have been largely removed, with payments companies set to benefit.
In an attempt to avoid contraction in the overall economy, on March 16 the Reserve Bank of New Zealand (RBNZ) reduced its official cash rate to 0.25% - a 75 basis points cut. The rate will be kept at 0.25% for at least one year according to the RBNZ.
This report focuses on the impact of the coronavirus outbreak on both the economyand the cards and payments industry in New Zealand. Based on our proprietary datasets, the snapshotprovides a detailed comparison between pre-COVID-19 forecasts andrevised forecasts of total payment card, debit card, and credit and charge card transactions by value and volume. It also offers information on measures taken by the government to combat coronavirus.