When it comes to paying for that new pair of shoes there’s a bit to think about. Which card should you use? EFTPOS or credit? Will there be enough money in your account for that next direct debit? What we rarely worry about is the security of our payments. That’s because Kiwi shoppers have complete confidence in the Paymark network.
You swipe your card, wave your mobile or even pay with your watch, then you simply move on. The efficiency of the Paymark EFTPOS network means money is transferred almost immediately. The power is in the hands of the consumer and it makes life easy for both buyer and retailer.
Building customer confidence with reliable, secure transactions
For over 30 years we’ve been building consumer confidence by ensuring secure and reliable transactions between the customer’s account and the retailer’s. The Paymark network was originally designed to support New Zealand’s brand new EFTPOS debit card payments – and the rise of EFTPOS was an incredible Kiwi success story. More than 1.4 billion transactions each year now go through the Paymark network, with more than 150 transactions every second of the day.
Local consumers use EFTPOS not only for small value items like our morning coffee, but also for big-ticket items like electronics and even cars. No other nation in the world has embraced EFTPOS like we have, creating a legacy of trust among New Zealand shoppers that is still strong today.
And for those purchases when a customer decides to pay by credit card, the Paymark network is still there in the background. It’s giving them the option to tap and go, creating an almost entirely seamless shopping experience. Consumers trust that their details are secure and the retailer trusts that the payment will go through. The contactless credit card payment option has been available for many years and Kiwi shoppers have grown more confident over that time, with contactless payments increasing every year.
The future of payment options keeps growing
That sense of trust means your customers know that they’re in the driving seat when it comes to their own money: where they shop, what they buy and how they pay. The rise of online shopping and the financial technology explosion have meant customers expect even more control over their money. Consumers can shop at 2am, in their PJs, all over the world, and our network allows them to buy from anywhere, at any time, with total confidence in the local end of the transaction.
It’s now rare to see an online checkout with only a single payment option – many have three or four. Locally that now includes Online EFTPOS, a fast-growing payment choice that once again puts the account holder in the driver’s seat. By approving the automated transaction request in their banking app, the shopper has total control of the payment process.
As open banking begins to arrive in New Zealand, we can expect to see a new level of customer-focused products and services. There will be more opportunities, and more questions from customers about security. With Paymark’s track record for safe, reliable payments, customers remain in charge of their money, their data and their payment choices.