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BNZ is to launch an app it says will slash the costs merchants face to take electronic purchases.
Known as Payap and expected to launch in March next year, the app will also work as a digital wallet for consumers. Meaning they can do things like easily split a bill and manage spending.
The bank says it will be lower cost for both merchants and consumers.
It will work through scanning QR codes - which will replace the EFTPOS terminal - to directly transfer cash from a bank account to a merchant. The technology is being supplied to BNZ via the fintech Centrapay.
It is a foray into open banking from one of the big four Australian-owned banks.
They have been heavily criticised for their lack of innovation, including by the Commerce Commission.
Jonathan Dale is head of payment development at BNZ.
Kathryn also speaks to Retail NZ head of advocacy Ann-Marie Johnson, and RNZ's money correspondent Susan Edmunds.
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