Recent media chatter about the delays to the surcharging ban has put a spotlight on how Kiwis pay and how much friction there is in our current system. While cost matters, the bigger shift is about building a payment landscape that serves every New Zealander—one that is secure, resilient, and locally owned.

 The elephant in the room, the one no-one is talking about, is the loss of our beloved EFTPOS and what comes next.  EFTPOS was created back in the 80’s. NZ was a world leader in the move to electronic payments (EFTPOS). It was simple, cheap and ubiquitous.  But as we all know the good old EFTPOS card is tired and is past its use by date.  It hasn’t been able to keep up with its rich cousins – the contactless debit and credit payment cards.

So why should we care? Well, it’s not just about the cost of payments increasing once EFTPOS goes and the ongoing discussion about surcharging. It’s about NZ retaining financial sovereignty and it’s about security.  While we happily tap and go, we are powering up US global companies to be the sole provider of payments in NZ.  We live in a world of increasingly geopolitical unrest and relying solely on international players for your payments is a risky proposition.  Both the EU and the UK have announced Digital EFTPOS products to ensure their financial future. What are we doing?   

For now, open banking payments offer a sensible path forward, with benefits that extend far beyond cost and help NZ compete with the big US giants - like Visa and Mastercard.

Open banking payments offer retailers:

  • Security: retailers never store card data and payments are authenticated at the bank, significantly reducing the risk of fraud.
  • Speed: funds settle overnight, helping cash flow.
  • Cheaper: lower costs can mean no extra charges for customers.

So why hasn’t open banking taken off in New Zealand yet? 

For open banking to reach its full potential in New Zealand, it must become a viable, everyday choice for all Kiwis. That requires robust API standards that cover bulk settlements, refunds, pre-authorisations, and reversals—comparable in capability to the full functionality of international card providers like Visa and Mastercard.  It needs reasonably priced, widely available access to contactless capability for easy tap-to-pay experiences, and high, consistent API uptime across banking apps and online banking, so consumer trust isn’t compromised by outages.

Transparent and predictable pricing is essential to help retailers scale. And above all, a robust local network is needed to deliver reliable, secure, and user-friendly checkout experiences.

Paymark’s Online EFTPOS has been a trusted local champion of open banking payments in NZ for over a decade, used by hundreds of thousands of Kiwis.  Paymark recently marked NZD$1 billion in spend through Online EFTPOS. 

Paymark has spent decades helping Kiwis and retailers embrace new payments technology. We are uniquely positioned to help New Zealander's understand open banking and make new payment technology feel simple, safe, and every day. With deep ties to NZ retailers and a platform built to power payments across the country, Paymark can bring open banking to life where it matters most: at the checkout, in the moment of choice, for both customers and retailers.

The stakes are clear NZ needs a modern local payment method that can sustain and strengthen our domestic financial infrastructure. If EFTPOS keeps losing momentum or if a credible local alternative does not emerge, NZ risks greater reliance on international card providers with potential cost and resilience implications. A well-designed open banking payments network—championed by a trusted local provider—offers a way to preserve financial autonomy, spur innovation, and keep payments secure and accessible for all Kiwis.

As NZ considers its payment future, the question is not only about price or surcharging but about resilience, security, and choice. Open banking payments, led by a strong local ecosystem, can deliver the everyday convenience Kiwis expect while strengthening our financial infrastructure for years to come. Paymark stands ready to lead that shift to demystify open banking and deliver a payment experience that is simple, secure, and truly for New Zealand.