‘Regulatory failure’ let NZ’s payments fall behind

Commerce Commission chair John Small said broad and productive collaboration is vital to establishing regulation to let NZ's payments industry flourish. (Image: Commerce Commission)

Ben Moore

Tue, 19 Nov 2024

Effective regulation is needed to ensure the modernisation of New Zealand’s payments system, but striking a balance may be challenging.At a Payments NZ conference on Tuesday, Reserve Bank of NZ director of money and cash Ian Woolford said that 45 years ago, NZ was like the All Blacks of payments as it developed and adopted Eftpos.Now, he said, “We’re sort of runner-up in, maybe, an inter-club regional rugby contest … We are so far behind.”Commerce Commission chair John Small said that former success had led to a &...

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