Bank of New Zealand cuts contactless transaction fees

Merchants in New Zealand can now accept contactless payments on an ordinary Android NFC smartphone using a low-cost software point of sale (sPOS) solution.

From 2024, all merchants using the app will be charged the NZ$10 (US$6.40) basic monthly fee levied at launch for those without a BNZ account and the service will calculate a flat-rate monthly transaction fee package for each merchant according to their net monthly sales.

BNZ has launched the BNZ Pay tap-on-phone payments acceptance app as a “safe, secure and easy to use” solution for small- to medium-sized businesses such as weekend market vendors, local cafes, sole traders and taxi drivers.