Paymark achieved a significant milestone in December 2014, hitting its 13 billionth transaction.

Paymark is a nationwide network recording eftpos transactions.

The transaction was recorded on Saturday, December 27, 2014 in Taupo at 3.52pm. Paymark's 12 billionth transaction was recorded on January 31, 2014, only 11 months beforehand.

Achieving this milestone in less than 11 months may reflect the 300 per cent growth in contactless transactions through the Paymark network over the past year.

Kiwis spent a total of $5.3 billion dollars through the Paymark network in December 2014, up $300 million on December 2013 when $5 billion was recorded.

Spending on New Year's Eve was higher than spending on Boxing Day with approximately $172 million processed via the Paymark network.

This was up by $12.2 million on New Year's Eve 2013 spending totalled $160 million.

The total number of transactions via the Paymark network on New Year's Eve 2014 was 3,724,443; an increase of 197,878 on New Year's Eve 2013.

Paymark are still working on the regional breakdown figures for 2014.