NZ's payments system is falling behind internationally

Many countries around the world have real-time payments in place. (Image: Getty)

Tue, 01 Aug 2023

New Zealand is falling behind on the global stage when it comes to real-time payments, according to the Reserve Bank.If a system “is well designed, implemented and governed, it should improve the levels of innovation and competition across the payments landscape", it said.Instead, “New Zealand’s banking and payments industries have fallen behind internationally in making real-time payments possible between accounts held at different banks”.According to Steve Wiggins, chief executive of industry body Payments NZ, one...

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