BNZ Pay turns Android devices into contactless terminals and offers the most cost-effective payment solution in New Zealand
The Bank of New Zealand (BNZ) has revealed
BNZ payment, an innovative mobile app for retailers that turns an Android device into a contactless payment terminal. The app, powered by new tap-on-phone technology, is the first of its kind in New Zealand and will offer the most cost-effective contactless card acceptance solution on the market.
Karna Luke, Executive, Customer, Products, and Services at BNZ says: “We’re really excited to see how BNZ Pay will change the game for New Zealand SMEs, especially at the smaller end of the scale. Whether you’re a weekend market vendor, a local cafe or food truck, a retailer or a taxi driver, you can now accept contactless payments – Kiwis’ preferred payment option – at the lowest cost on the market simply by using an Android Mobile.
“BNZ Pay is secure and user-friendly with an intuitive interface and dashboard where the company can view all sales and business information, issue invoices, manage customer profiles and send receipts via SMS or email,” says Lukas.
A recent Reserve Bank of New Zealand report on cash and payment data confirmed that consumer preferences are changing and increasingly moving away from cash. Businesses need modern payment solutions to keep up with their customers’ demands.
“We’ve seen a seismic shift in consumer preferences around payments, especially since the pandemic began. In-store use of cash has plummeted, with only 70 per cent of Kiwis using cash at all, according to RBNZ’s report.
“That’s a big drop from 2019, when the survey found 96 percent were still using cash. Businesses need to be prepared and able to take payments from their customers the way they want. As New Zealand’s leading commercial bank, we are focused on enabling our clients to do business in a way that suits them and their clients,” says Luke.
BNZ has also focused on reducing the cost of taking payments and BNZ Pay will continue to do so, bringing big savings to businesses.
“The only thing better than low cost is free, and that’s what we do. We’re excited to launch BNZ Pay with no monthly cost for merchants signing up to a BNZ account by January 2024.
“After that, BNZ Pay will only cost $10 per month and only during the months that it is used. That’s less than half the cost of the next cheapest option and means a reduction in overhead, which will help more small Kiwi businesses thrive,” adds Luke.
These savings come as BNZ continues to simplify and lower the cost of domestic payments through innovative split payment and package pricing initiatives.
Luke continues: “When BNZ Pay is combined with BNZ’s market-leading package pricing, a small business would pay an average fee of around 1.1 percent for all contactless cards, which is significantly cheaper than most other published SMB plans currently in use are on the market.”
BNZ is proud to partner with Visa and Quest Payment Systems to provide BNZ Pay.
Anthony Watson, Visa’s Country Manager for New Zealand and the South Pacific, says: “Recent research shows that consumers are likely to embrace this new, secure and convenient payment method, especially as New Zealanders have been quick to adopt contactless payment technology. With smartphones now ubiquitous, tap-to-phone is an exciting solution for small businesses looking to thrive in today’s digital economy to reach more customers and increase revenue without the need for additional hardware.”
Visa research conducted by YouGov shows that the top three factors that would encourage consumers to use a tap-to-phone payment method are security (40%), ease of use (39%) and the potential, time when checking out to save (36%).1
Jan Mason, Quest’s Chief Executive Officer, said: “We are very pleased to see BNZ become the first bank in Australasia to have a full rollout of our tap-on-phone technology. The launch of this innovative solution in New Zealand will enable more flexible and convenient payment experiences for both businesses and consumers.”
BNZ Pay is available from today and customers can sign up online at www.bnz.co.nz/business-banking/payments/bnz-pay or call BNZ Merchant Services Sales and Support on 0800 737 774. All customers need is a Near Field Communication device running Android 9.0 or higher.
- Prices are based on companies that are BNZ Business customers depositing into a BNZ bank account.
- Kiwis’ preferred payment option is contactless, with 36% of Kiwis preferring it, according to the Reserve Bank of New Zealand’s June 2021 Cash and Payments Data Update: Covid-19 special
- Footnote 1: Survey of 514 adult New Zealand consumers conducted online between 12-17 May 2022 by YouGov and commissioned by Visa.
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