Bank of New Zealand invests in payments technology firm Centrapay

These developments build on an existing partnership between the two organisations, which has already produced Payap, a digital wallet and Point-of-Sale (POS) application. Designed to work with all banks in New Zealand, Payap is set to launch in March of next year. As for the financial details of the investment, they were not disclosed.

Payap aims to integrate payment and loyalty features, providing users with a streamlined way to manage their finances. The application will enable users to link their existing bank accounts and make payments through Centrapay’s system, whether in physical stores, online, or on the go. 

For businesses, Payap is described as a cost-efficient digital payment solution that integrates with existing EFTPOS or PayClip terminals, minimising the need for significant infrastructure changes. Commenting on the partnership, Centrapay officials noted that BNZ’s support would accelerate Centrapay’s growth and ability to deliver new solutions for its clients and partners. 

BNZ officials highlighted that the investment complements the bank’s existing payments and Open Banking infrastructure, emphasising the importance of staying ahead in the rapidly evolving payments landscape. Earlier this month, BNZ finalised the acquisition of BlinkPay, an Open Banking fintech based in New Zealand. While the financial terms of the acquisition were not disclosed, BNZ plans to leverage its resources to support BlinkPay’s innovation and expand its product offerings.

Previous BNZ acquisitions

In November 2024, Bank of New Zealand announced the acquisition of BlinkPay, a New Zealand-based Open Banking fintech company. The investment supported BlinkPay's growth and facilitated the development of its technology and products by leveraging BNZ's resources. Under the new ownership structure, BlinkPay maintained its independent leadership and decision-making processes. 

At the time, BlinkPay officials brought up the distinct approach to financial innovation. They added that BNZ’s investment allowed the company to maintain its foundational principles while advancing its goal of making financial services more accessible for New Zealanders.