Payment systems

What happened to all the poverty?

After weeks of the mainstream media and opposition politicians telling us we are all poor and should be better off what do we find now?

The Herald takes a break from glum news to report bumper sales in retail.

Eftpos transactions reached record highs today as Kiwi shoppers, filled with “Christmas spirit”, packed out stores around the country.

Just-released Paymark figures show the peak transaction rate for the year – 148 per second, recorded at 12.24pm today – is the highest rate ever and was a significant rise from last year’s peak of 132 transactions per second.

Paymark, which processes about 75 per cent of all electronic transactions in New Zealand, also said spending was up 7.1 per cent annually for December 22 and 23.

Sales numbers had been “massive” all morning today, said Head of Sales and Marketing Paul Whiston.  Read more »

Not virtually, it is impossible

Maurice Williamson has seen sense and declared that it would be almost impossible to accede to the whacky demands of retailers who are insisting that GST be levied against all online transactions.

Customs Minister Maurice Williamson says it would be virtually impossible to charge GST on items being bought online, an idea currently being explored by government officials.

The Inland Revenue Department and Customs have set up a working group to establish whether 15 per cent GST should be charged on items bought online which cost less than $400. Other countries, including Australian and the United Kingdom, are currently grappling with how to introduce such a system.

It has the support of New Zealand retailers, who say it would create a level playing field with the booming online market, but Williamson could not see how it would work.  Read more »