Modernising New Zealand’s retail payment system

Text on screen: Karen Silk, Assistant Governor Money

Audio: Every day, we tap, click or swipe to make payments - whether we’re buying coffee, paying rent, shopping online, or sending money to friends and whānau. 

Behind each of those payments is a system that moves money from one place to another.

Most of the time it works well, but the way we live and pay is continuing to change, and the system behind our payments hasn’t kept up. 

In many countries payments now move almost instantly day or night while here in New Zealand some payments can still take hours - or even days if they are international ones. 

That can be frustrating when you’re waiting to be paid, paying a bill, or running a business.

If we continue to fall behind other countries it could become harder for our businesses to compete internationally or take advantage of the new payment technologies that are starting to connect payments across countries seamlessly - something we can’t do today.

Scams and fraud are also becoming more sophisticated, and more of us are managing money online. 

A more modern payments system could help confirm money is going to the right person, spot suspicious activity sooner, and give people more confidence when making payments.

We think New Zealand’s payments systems need an upgrade, and we all need a clearer shared plan that makes sure our payments system stays safe, reliable and importantly remains ready for the future. 

But before any big decisions are made, we want to hear from you.

Head to our website to have your say on the future of payments.

Text on screen: rbnz.govt.nz

The retail payment system makes everyday payments possible. 

It includes the technology, rules and organisations that move money from the payer to the receiver.

The retail payment platform is the core infrastructure that enables payments to be processed, cleared and settled.

It supports the payment services people and businesses use every day.