NZ's payments system is falling behind internationally

NZ's payments system is falling behind internationally
Many countries around the world have real-time payments in place. (Image: Getty)
Rebecca Howard
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...

More Economy

RBNZ assistant governor resigns
Economy

RBNZ assistant governor resigns

The announcement comes just weeks after governor Adrian Orr suddenly quit.

John Anthony 17 Apr 2025
Annual inflation lifted 2.5% in the first quarter
Economy

Annual inflation lifted 2.5% in the first quarter

The lift was a tad higher than RBNZ forecasts. 

Staff reporters 17 Apr 2025
Slight inflation lift won't stop rate cuts thanks to trade war
Economy

Slight inflation lift won't stop rate cuts thanks to trade war

Most economists expect annual inflation lifted to 2.4% in 1Q.

Rebecca Howard 17 Apr 2025
TTR files fast-track application to mine Taranaki sand
Primary Sector

TTR files fast-track application to mine Taranaki sand

Seabed mining firm Trans-Tasman Resources has lodged its application to fast-track its project to harvest iron sands off the coast of Taranaki. The firm's parent company, Manuka Resources, told the Australian Securities Exchange (NZX) on Wednesday that the application was lod...

Staff reporters 16 Apr 2025