Originally Posted by ilam3d
That's not news, many countries have been using actual plastic money (other than credit cards) for years.
Come to NZ.. tourists are always amazed at how we Kiwis love the plastic...we basically pay most things by it via EFTPOS (debit system).
Eftpos is highly popular in New Zealand, with more debit card terminals per head of population than any other country and usage very wide spread. In 2009, there were 200 EFTPOS transactions per person, compared with 80 transactions per person in Canada.
It's essential that a business has one these days really. My family owns a business and tbh, 60% of our transactions are via debit. Same with many other businesses. Many nightclubs have banned EFTPOS just because everyone pays by it
and slows everything down in terms of drinks etc..
I usually never have much actual cash in my wallet..only my EFTPOS card.
It is so widespread here that a few Christmases ago, during the Xmas spending spree, the debit card system crashed due to overload.
in 2 hours, it declined 500,000 transactions due to the crash. We have a population of 4.3 million.
The company processed its one billionth transaction after 10 years from 1989 to 1998. It took 14 months to December 10 (2009) for the transaction numbers to go from seven to eight billion.
Mr Tong said he expected it to take less than one year to reach the next billionth transaction. He added there were about 1.5 eftpos and credit cards for every New Zealander.
“We continue to grow around 6 – 7% year on year. It’s slowly replacing cash but cash will still be used for farmers markets and other events where electronic transactions would be too expensive.”
He said there had been a hike in cash transactions in recent year, which was due to immigration from Asian countries, where cash is used a lot more than electronic transactions for smaller payments. “In New Zealand (consumers) don’t think twice about using eftpos for smaller transactions such as for $1.
I've done the $1 thing many-a-time. You can't exactly steal a EFTPOS card either as you have to know the PIN (however of course it's a pain in the ass if you lose it). You want to know what's the closest thing to a cashless society is? Come to NZ.Edited by chinesekiwi - 4/17/11 at 8:11pm