According to the bank’s representatives cited by voxy.co.nz, the app will primarily benefit small and medium enterprises in New Zealand, as it will allow them to accept contactless payments using only an Android smartphone.
Apart from allowing Android smartphones to accept payments, the app can also manage customer profiles, issue invoices, and send receipts via text or email.
A recent report issued by the Reserve Bank of New Zealand that analyses the impact of COVID-19 on cash use in the country reveals that local consumer preferences are shifting away from cash in favour of digital solutions. The report states that only 70% of New Zealand’s citizens used cash as one way to pay for everyday things in 2020. In 2017 and 2019, 96% of New Zealanders used cash as one of their payment methods.
BNZ Pay is being delivered by the Bank of New Zealand in partnership with Visa and Quest Payment Systems. As cited by voxy.co.nz, officials from Visa stated that this new app could help small businesses grow in today’s digital economy. The statement was reinforced by the fact that New Zealanders have been fast adopters of contactless payment technologies.
Quest Payment Systems’ representatives have stated for the same source that Tap to Phone technology could enable more convenient payment experiences for both consumers and businesses in New Zealand.
As far as technical requirements are concerned, the BNZ Pay app is compatible with smartphones running on Android 9.0 or above. Devices must also be equipped with Near Field Communication and have it enabled while receiving payments. Customers can sign up online for BNZ Pay on the bank’s website.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now