According to Worldpay worldwide, e-wallets like Apple Pay and Google Pay have grown to become the preferred ecommerce payment method, accounting for 36 percent of all transactions last year."

Ayesha Scott, senior lecturer of finance at AUT told Simon and Phil Kiwis are adopting the new technology relatively quickly.

But she says financial institutions and companies offering digital payment systems will require strong regulation and the onus is on consumers to keep an eye on spending and their money safe.