New Zealand Fintech Digital Payment Market Size | 2019-2033

New Zealand Fintech Digital Payment Market Growth and Performance

• The New Zealand fintech digital payment market size saw a 26.4% increase in 2023 reaching a value of US$ XX Billion.
• When analysed at a segmental level, in the fintech digital payment market in New Zealand the fintech digital commerce market segment generated the highest revenue in 2023.

New Zealand Fintech Digital Payment Market Outlook

New Zealand digital payment market is undergoing a profound transformation as the country steadily advances toward a cashless society. The decline in cash usage has been both rapid and organic, with businesses and consumers increasingly preferring electronic payment methods for their speed, traceability, and security. As of 2023, credit and debit cards accounted for nearly 80% of the value of in-store purchases, underscoring the dominance of traditional card payments. However, this landscape is shifting, with digital wallets and real-time payment systems growing steadily.

The COVID-19 pandemic was a pivotal moment that accelerated the widespread acceptance of contactless payments. These solutions have now become standard across a range of sectors — from retail to public transportation. The surge in digital wallet adoption is particularly notable. Services such as Apple Pay, Google Pay, and PayPal grew from 7% to 10% of transaction volume year-over-year. While still trailing other Asia-Pacific markets, this growth highlights an upward trend in mobile and NFC-based payments.

At the core of this change lies a fintech ecosystem actively shaping the country's financial infrastructure. Startups such as Wismopay, co-founded by Indian-origin entrepreneurs, are working on creating real-time, low-cost payment experiences for merchants and consumers. Another standout is Debut, a platform focusing on mobile payments and budgeting, which aims to transition into a full-fledged neobank offering interest on deposits. These innovations reflect a dynamic fintech environment with a strong focus on consumer empowerment, financial inclusion, and frictionless transactions.

The Reserve Bank of New Zealand (RBNZ) is also taking strategic steps to modernize the national payment infrastructure. In 2025, it opened its Exchange Settlement Account System (ESAS) to non-bank entities, allowing a broader range of financial institutions to access real-time settlement systems. This move is expected to drive competition and increase the availability of fast, secure payment options. Additionally, the bank is actively exploring a Central Bank Digital Currency (CBDC). The proposed digital cash would mirror the value of physical currency while offering enhanced features like offline capability using Bluetooth technology. Although the final rollout could take place by 2030, the RBNZ has already completed multiple public consultation phases, receiving over 18,000 responses.

Beyond domestic innovation, international partnerships are shaping the market future. Recent bilateral discussions with India focused on strengthening cooperation in digital payments, artificial intelligence, and advanced manufacturing. The revival of a long-stalled Free Trade Agreement (FTA) could boost fintech collaboration and open new investment channels.

Global fintech leaders are also taking interest. Fiserv's acquisition of Pinch Payments, an Australian firm operating in New Zealand, has brought advanced payment orchestration tools to the region. By integrating Pinch’s Glassbox platform with its Clover POS solution, Fiserv is enabling local merchants and independent software vendors to offer flexible, real-time payment options — a critical move to stay competitive in an increasingly digital economy.

New Zealand’s shift isn’t just technological — it's structural. Policy reforms like the Retail Payment System Act 2022 promote competition and transparency in merchant fees. Regulatory bodies, including the Council of Financial Regulators (CoFR), are setting out a roadmap for innovation, resilience, and inclusivity in the national payment system. Initiatives such as the Consumer Data Right and the Digital Identity Services Trust Framework are pivotal in enhancing data security while fostering trust among users.

Despite this momentum, public sentiment remains cautious. A significant portion of citizens, including vulnerable and unbanked groups, still value physical cash for its dependability and autonomy. The RBNZ acknowledges this and is committed to maintaining robust cash infrastructure while innovating responsibly.

In conclusion, New Zealand digital payment market stands at a critical juncture. Backed by fintech innovation, regulatory modernization, and strategic global partnerships, the country is poised for a future where digital payments dominate — but with inclusivity, consumer trust, and data security at its core.

New Zealand Fintech Digital Payment Market Scope