Reduction in EFTPOS sales due to COVID -19 & closure of borders
A reduction has been noted in EFTPOS sales in Niue due to COVID -19 and closure of borders.
From January 15th to June 20th, 2019, the trend shows the total value of credit and debit card transactions for June 2020 dropped sharply to $1,497,723 which is 23% down compared to June last year.
Kiwibank Manager Wayne McCaughan said the reduction is due to COVID 19 and Niue’s borders being closed therefore no visitors spending on the island.
“We would expect the year on year result to be at least 25% less maybe a greater reduction than that as we enter what was the peak tourist season July-October. The spending being seen now is obviously limited to those on island and therefore maintaining spending levels is also very dependent on the Private Sector Wage subsidy being extended, along with Government employees continuing to spend at present levels. “said McCaughan
Meanwhile, on outward remittances the Bank Manager also revealed that Niue is unique in that it has more Western Union payments going out mainly to other Pacific islands than funds coming in mainly from Australia and New Zealand.