10 Years of open banking: A New Zealand snapshot.
New research from Cuscal Paymark reveals what New Zealanders understand, trust and expect from the next generation of payments.
Open banking's next challenge isn't technology. It's adoption.
Open banking in New Zealand has spent years laying the foundations with regulation, standards and infrastructure. Those foundations are now materially stronger. What comes next is the harder phase - giving people a clear reason to use it.
To better understand that challenge, we commissioned research into what New Zealanders know about open banking, how they respond to the services it enables, and what would make them say yes.
One thing came through clearly - people are not interested in the technology itself. They want services that solve a problem and deliver value that means something to them.
What New Zealanders told us
What’s in the report
The research covers New Zealanders’ understanding of open banking, their appetite for the services it enables, and the conditions attached to their trust. It also looks back at ten years of Online EFTPOS and what it can tell us about what comes next.
✓ Why understanding lifts consideration
✓ The inertia problem: 52% are happy already
✓ What people need before they trust a new payment method
✓ Where the opportunity sits beyond the checkout
✓ Ten years of Online EFTPOS, in numbers
A decade of it already working
Open banking is usually described as something arriving in New Zealand. Direct bank account payments have been operating here since 2016.Online EFTPOS was recognised by 74% of the people we surveyed - considerably more than the open banking category itself. More than $1 billion has been spent through it since launch.That is ten years of evidence about what customers accept, what merchants need, and what it takes to turn payments infrastructure into something people recognise and choose.
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