Kiwis love to be early adopters when it comes to technology. In the 1980s EFTPOS – Electronic Funds Transfer at Point Of Sale – technology revolutionized the payments landscape in New Zealand. The advent of online shopping has transformed payment habits even further and New Zealand is now on the fast-track to becoming a cashless society.
Recent local research conducted by MasterCard found that 45% of New Zealanders didn’t expect to be using cash in ten years’ time. We caught up with Peter Chisnall, Country Manager MasterCard New Zealand, to get his thoughts on the highlights of 2014, the changing face of payments in New Zealand and his leadership style.
- What area of MasterCard’s business excites you the most?
Mobile payments are beginning to have a real impact. I am really excited to see how use of the technology grows over the next few years as people become more aware of the benefits.
I’m also excited about how our business is evolving to offer a far broader value proposition for our customers. Recent acquisitions such as loyalty and rewards service provider Pinpoint have the potential to set us apart from our competitors, unlocking insights that enable us to provide targeted products and services and ultimately strengthen our relationships with customers.
- What are some of your 2014 highlights?
2014 was a really successful year for MasterCard New Zealand. We sealed an exclusive partnership with Westpac New Zealand, announced News Zealand’s first above platinum credit card, and of course launched MasterPass.
Looking forward, we want to continue this momentum by increasing the number of contactless transactions, building the MasterPass issuance and acceptance footprint, and grabbing more cross border spend.
I think we are starting to see the benefits of our solution led approach and we need to continue to be customer-centric in our thinking.
- How close do you think New Zealand is to becoming a cashless society?
New Zealand has been a market leader in electronic payments since the 1980s and we continue to be ahead of the curve globally. Four-fifths of all purchases are made on cards. This is the highest of any OECD country. For me personally, the last time I took cash out of an ATM was three months ago, and I still haven’t used it. It’s still in my wallet!
But our challenge in New Zealand is not only the continued use of cash, it’s also card preference – getting more Kiwis to use their MasterCard cards rather than their EFTPOS card.
- What are you doing to ensure you continue to grow and develop as a leader?
Our team is very busy, so the first hurdle is to find the time and space to allow myself to focus on personal development. I want to learn to speak Te Reo Māori, New Zealand’s indigenous language, so that I can give introductions and open meetings in Māori. I have a lot of respect for people who speak multiple languages. We learned basic Māori phrases at school and I’d really like to build on this.