Bank of New Zealand (BNZ) has introduced BNZ Pay, which is described as a mobile app for retailers that transforms an Android device into a contactless payment terminal.
Created with assistance from Visa and Quest Payment Systems, BNZ Pay is being rolled out with no monthly charges to merchants who settle into a BNZ account until January 2024. After this time period, a monthly fixed fee of $10 will be charged.
The service charge should go down to zero in months during which the app is not being used, making it a convenient tool for seasonal micro-merchants and non-profits that carry out occasional events and street appeals.
In addition to taking payments, the app brings together sales data into a dashboard and may issue invoices, manage client profiles, and send receipts via text messages or email.
BNZ executive, customer, products, and services, Karna Luke, stated:
“We’re really excited about how BNZ Pay will change the game for Kiwi SMEs particularly at the smaller end of the scale. Whether you’re a weekend market vendor, a local café or food truck, a sole trader or taxi driver, you’ll now be able to accept contactless payments – Kiwis’ preferred payment option – for the lowest cost in the market by simply using an Android phone.”
In nearby Australia, Westpac is reportedly testing out Quest Payment Systems’ Airpay TAP tech with small businesses, before making it widely available next year.
As covered recently, ANZ Bank New Zealand Ltd has selected financial technology platform FIS (NYSE: FIS) to enhance its core banking capabilities.
ANZ New Zealand will be “the first bank outside the U.S. to utilize FIS’ Modern Banking Platform, which is deployed on Microsoft Azure.” FIS’ Modern Banking Platform “enables convenient, frictionless digital banking services through a cloud-native architecture.”
The platform is considered to be “a highly secure core banking solution that uses extensive measures to protect data, and features the latest advancements in cloud security, monitoring and resiliency from Azure.”
