Christchurch retailers slowly recover: Paymark

Article – BusinessDesk

March 1 (BusinessDesk) – Christchurch retailers are slowly returning to business, according to figures on electronic transactions made through the Paymark network.

Christchurch retailers slowly recover: Paymark

March 1 (BusinessDesk) – Christchurch retailers are slowly returning to business, according to figures on electronic transactions made through the Paymark network.

By 9 a.m. on Monday, there were 1,534 retailers active on the Paymark network compared to just 770 on Wednesday, Feb. 23, the day after last week’s earthquake. The day before the quake, there were 4,500 active retailers.

By Monday, spending was still 31% below a year earlier but that was an improvement on the previous five days when spending averaged 46% lower, or nearly $5 million each day, than a year earlier.

The largest decline was on Friday, Feb. 25, when spending was $6.2 million lower than a year earlier.

Paymark chief executive Simon Tong said the full extent of the damage to the Christchurch economy won’t be known for some time.

“Like the rest of the country, our primary focus is on helping those affected by the quake in whatever way we can.” Paymark is providing mobile terminals and financial support packages to affected retailers, Tong said.

Paymark is one of two Eftpos systems operating in New Zealand, the other being Eftpos New Zealand.

(BusinessDesk)

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