Low-value transactions a winner for Snapper
Low-value transactions are proving a winner with users of Snapper, an electronic payment method used as a replacement for cash.
Snapper, whose system is now accepted at more than 500 retailers in Wellington and Auckland, said it was a fast and easy way to pay for convenience and everyday items such as coffee, snacks, lunch and drinks.
"As Snapper grows, the categories of retailers where Snapper shows the most value has become very obvious. Retailers that sell sub-$15 consumable products in or around education, business and transport hubs are very successful Snapper retailers," said chief executive Miki Szikszai.
Good growth was also being seen in cinemas, petrol stations and uptake from brands such as Mr Bun.
Szikszai said the company had plans underway to make Snapper available anywhere where EFTPOS is. That would require achieving a critical mass of retailers.
"Snapper is signing up retailers everyday, and our terminal partners are installing them as fast as they possibly can. There is strong demand from retailers and cardholders as they see the benefits of Snapper as a cash replacement."
The company says more than 290,000 Snapper cards have been issued, which users top up with their own money and use to pay for items at retail partners.
Snapper also powers the bus card system in both Wellington and Auckland.
Snapper launched in 2008 and is a wholly owned subsidiary of Infratil Limited.