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Chairman of the Commerce Commission, John Small, criticizes New Zealand banks for their delayed innovation and slow implementation of cost-effective in-person bank-to-bank payment methods. Experts in the industry argue that these measures would not only promote innovation but also combat harmful financial scams.

The Commerce Commission is seeking input and feedback on the retail payments system. It has indicated that it might implement regulations for the bank transfer system to expedite the acceptance of face-to-face bank-to-bank transactions.

According to Small, it is widely acknowledged that the banks in New Zealand have been sluggish in adapting to innovative forms of payment and implementing open banking, which would enable the introduction of new payment methods.

Our goal is to improve and simplify the payment process, removing any inconvenience or discomfort associated with it. Small expressed a strong desire to encourage innovation to the greatest extent possible.

He praised the efforts of Payments NZ, the payments system operator owned by the bank, for successfully establishing the necessary standards required for open banking.

However, not all banks had developed their own APIs, or software apps, which would enable outside access to customer information or facilitate payments.

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