Country _ Name
Payment services
FinTechs belonging to this category offer alternative payment services which are supposed to provide a faster and cheaper way for national, European, and international payments for private and business customers by using new technologies.

For example, payment service providers hereby offer solutions to easily integrate several payment services in online shops.

Some FinTechs furthermore provide real cash register systems and online-reservation solutions for restaurants and shops providing their own payment services or making use of the payment services of FinTechs described above.


Attitude of the country towards modern payment services

New Zealand has the lowest amount of cash circulation in the world and is moving even further away from cash and towards more modern payment methods. Innovation in this area is being embraced by The Reserve Bank of New Zealand (RBNZ) which sees FinTech as a means of exploring the promotion of a “sound, efficient and dynamic monetary and financial system”. New Zealand’s banks have also recently ceased to use cheques.

In its most recently published (2020) survey on cash use in New Zealand, RBNZ found that 70% of respondents stated they were still using cash but only 8% stated it was their preferred payment method with the majority opting for EFTPOS, debit, and credit card-based methods, whether contactless or otherwise. The data also shows that Respondents who used cash as a payment method generally reduced by 25% from 2017 to 2020.

Feedback on these figures suggests that COVID-19 has had a major influence on New Zealanders preferred payment methods. Reservations rest mostly with the minority who still prefer cash and are concerned that their ability to pay for goods and services with cash will be diminished. Despite this, majority of those who prefer to use cash stated they are able to use it at their preferred shops either always or most of the time.

Overall, the trend in New Zealand’s preferred payment methods is moving away from cash and towards contactless payment methods. 

Legal affairs

Obligations and requirements to provide payment services or ancillary services described above

Payment services are regulated by RBNZ in accordance with the Reserve Bank of New Zealand Act 2021.There is no requirement for providers of payment services to have a specific licence relating to those services. Providers will, however, need to register as a Financial Service Provider under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSPA). It costs $835 (plus GST) to register and an annual confirmation must be made every year thereafter which incurs a $75 (plus GST) fee and an FMA levy, which varies depending on how many classes of financial services are provided by that entity.

Additional comments regarding the legal situation for payment services or what FinTech’s must be aware of in this business area

A bill specifically related to retail payment methods is currently going through New Zealand’s Parliament system. This bill, among other things, will provide for what parts of retail systems will be designated for regulation and provide the Commerce Commission with the power to issue standards in relation to information disclosure, pricing, and access.

Economic conditions

Market size for payment services and biggest payment service providers

Payment services in New Zealand are largely managed by the RBNZ backed company Payments NZ Limited, which is a governance organisation that manages New Zealand’s three (3) core payment clearing systems. Payments NZ’s shareholders consist of eight (8) of the 27 registered banks in New Zealand (including ANZ, ASB, BNZ, Kiwibank and



Choose country