Bank of New Zealand (BNZ) has unveiled BNZ Pay, an innovative mobile app for retailers that transforms an Android device into a contactless payment terminal. Enabled by new Tap-on-Phone technology, the app is the first of its kind in New Zealand and will provide the lowest cost solution in the market for enabling contactless card acceptance.
“We’re really excited about how BNZ Pay will change the game for Kiwi SMEs particularly at the smaller end of the scale. Whether you’re a weekend market vendor, a local café or food truck, a sole trader or taxi driver, you’ll now be able to accept contactless payments – Kiwis’ preferred payment option – for the lowest cost in the market by simply using an Android phone,” explained BNZ Executive, Customer, Products, and Services, Karna Luke.
“BNZ Pay is safe, secure, and easy to use with an intuitive interface and a dashboard where the business can see all the sales and business info, it can issue invoices, manage customer profiles, and send receipts by text or email.”
A recent Reserve Bank of New Zealand report on cash and payments data confirmed that consumer preferences are changing and increasingly shifting away from cash. Businesses need modern payment solutions to keep up with the demand from their customers.
“We’ve seen a seismic shift in consumer preferences around payments, especially since the beginning of the pandemic. In branches, cash use is way down, and according to RBNZ’s report only 70 percent of Kiwis now use cash at all,” continued Luke.
“That’s a big decrease from 2019 when the survey found 96 percent still used cash. Businesses need to be prepared and able to take payments from their customers in the ways they want to pay them. As New Zealand’s leading business bank, we’re focussed on enabling our customers to do business in the way that suits them and their customers.”
BNZ has also focused on reducing the costs of taking payments, and BNZ Pay will continue this, delivering big savings to businesses.
“The only thing better than low cost is free, and that’s what we’re doing. We’re thrilled to be launching BNZ Pay with no monthly costs to merchants who settle into a BNZ account until January 2024.
“After that, BNZ Pay will only cost $10 per month, and only in the months it’s used. That’s less than half the cost of the next cheapest option and means a reduction in overheads, which will support more small Kiwi businesses to thrive.”
BNZ is proud to be partnering with Visa and Quest Payment Systems to deliver BNZ Pay.
“Recent research indicates consumers are likely to embrace this new, secure, and convenient form of payment, especially as New Zealanders have been fast adopters of contactless payment technology,” noted Visa Country Manager for New Zealand and South Pacific, Anthony Watson.
“With smartphone use now ubiquitous, tap to phone is an exciting solution for small businesses looking to grow in today’s digital economy, enabling them to reach more customers and increase sales without the need for additional hardware.”
Visa research, conducted by YouGov, shows that the top three factors that would encourage consumers to use a tap-to-phone payment method were security (40%), ease of use (39%) and the potential to save time when paying (36%).
