The fight over the future of global payments

(Image: Getty)

Sat, 20 May 2023

Over the past two decades the ways people pay, receive and transfer money have changed beyond recognition. The revolution began in 2007 when m-pesa made it possible for Kenyans to make payments with a text message. In 2011 Alipay launched payment-by-QR-code in China, a system that has all but replaced cash in cities. Since then India’s state-led Unified Payments Interface (UPI) and Brazil’s Pix have vastly widened access to the financial system among the poor. Globally, the use of notes and coins has been cut by a thi...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Economy

Trump economy 'already ending badly'

'Baked-in incoherence' will stop Trump producing a coherent new world order.

Pattrick Smellie 5:00am

Policy

Bioscientists go bananas for GM law reform

The third Life Sciences Summit gathered in Wellington this week.

Greg Hurrell 5:00am

Bioscientists go bananas for GM law reform

Business of Government Business of Government

Newcomers, old timers, eyebrows and more

A chat with Camilla Belich on her new public sector role.

Ian Llewellyn 5:00am

Newcomers, old timers, eyebrows and more

Sponsored

The new face of luxury Scotch: Harrison Ford, the Traitors castle and an E-Type Jag

Harrison Ford’s Glenmorangie campaign breaks all the rules.

Glenmorangie Whiskey

Sponsored

Mastering market swings

ETFs can be a "smart" way to build a long-term, diverse portfolio.

Smart

More Finance

Finance

FMA files criminal charges against David McEwen

New Zealand’s financial watchdog has filed criminal charges against former financial adviser David McEwen for allegedly failing to comply with a stop order, which prevented him from contacting potential investors.The Financial Markets Authority (FMA) had made a permanent stop ord...

Staff reporters 18 Mar 2025