A new app, driven by New Zealand fintech Centrapay and backed by BNZ, will mean that businesses and consumers in the country benefit from a lower cost, contactless way to pay and get paid.
Using Open Banking technology, Payap is the country’s first digital wallet and point-of-sale (POS) app compatible with all New Zealand banks.
Businesses will have access to a range of features through Payap, including the ability to create and manage loyalty programmes, and better visibility of transactions and the ability to manage discounts and refunds through a dedicated portal.
Users of the app will be able to scan QR codes generated on an EFTPOS terminal – with Payap supported by all the main EFTPOS providers – enabling instant cash transfers directly from their bank account.
It also provides a low-cost ecommerce solution, so that businesses can easily and affordably to accept payments online.
According to BNZ, Payap’s 0.39% payment acceptance rate means that a retail business turning over $100,000 monthly could save up to $7,320 annually compared to the average 1% merchant service fee reported by the Commerce Commission.
Meanwhile, consumers who use Payap will be able to manage all their bank accounts, loyalty, and gift cards in one place, as well as split a payment across multiple sources, combining different bank accounts, debit cards, or gift card balances, all managed within the app.
They can also split bills or manage shared expenses with friends with peer-to-peer payments.
“Payap is the country’s first comprehensive digital payment service that leverages the power of Open Banking to fill a clear gap in the New Zealand market,” said Centrapay chief executive officer Greg Beehre.
“We’re excited to introduce this innovative solution that will transform how businesses accept payments and how we manage our money.”
It has been confirmed that core payments, acceptance and rewards features will be available at launch, with other capabilities, like peer-to-peer payments, set to be rolled out throughout 2025.
BNZ executive customer products and services, Karna Luke, added: “Our team is working closely with our business customers to onboard them before the consumer launch, and we expect thousands of businesses to be on the platform on day one when their customers start using the app.
“Payap is designed to benefit businesses across Aotearoa, and we welcome all interested businesses – from small street vendors, to enterprise retailers, and everything in between – to get in touch with us to explore how it can enhance their payment system and customer experience.”
