The bank now offers the lowest-cost payment solution in NZ
BNZ has launched BNZ Pay, a mobile app for retailers that transforms an Android device into a contactless payment terminal and offers the lowest-cost solution in the market for enabling contactless card acceptance.
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BNZ Pay is a New Zealand-first app that is enabled by new Tap-on-Phone technology and delivered via partnership with Visa and Quest Payment Systems.
BNZ Pay “will change the game for Kiwi SMEs particularly at the smaller end of the scale,” said Karna Luke, BNZ executive, customer, products, and services. The app is safe, secure, and easy to use with an intuitive interface and a dashboard where the business can see all the sales and business info. It can issue invoices, manage customer profiles, and send receipts by text or email.
“Whether you’re a weekend market vendor, a local café or food truck, a sole trader, or taxi driver, you’ll now be able to accept contactless payments – Kiwis’ preferred payment option – for the lowest cost in the market by simply using an Android phone,” Luke said.
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Businesses need modern payment solutions to keep pace with the demand from their customers. And as confirmed by a recent Reserve Bank report, consumer preferences are changing and increasingly shifting away from cash.
“We’ve seen a seismic shift in consumer preferences around payments, especially since the beginning of the pandemic,” Luke said. “In branches, cash use is way down, and according to RBNZ’s report only 70% of Kiwis now use cash at all. That’s a big decrease from 2019 when the survey found 96% still used cash.”
In line with BNZ’s focus on reducing the costs of taking payments, BNZ Pay will also deliver big savings to businesses.
“The only thing better than low-cost is free, and that’s what we’re doing,” Luke said. “We’re thrilled to be launching BNZ Pay with no monthly costs to merchants who settle into a BNZ account until January 2024. After that, BNZ Pay will only cost $10 per month, and only in the months it’s used. That’s less than half the cost of the next cheapest option and means a reduction in overheads, which will support more small Kiwi businesses to thrive.”
These savings come in the wake of BNZ’s Split Payment and Package Pricing initiatives.
“When BNZ Pay is combined with BNZ’s market leading Packaged Pricing, a small business would be paying fees of around 1.1% on average for all contactless cards, which is substantially cheaper than most other published rates for SMEs currently in the market,” Luke said.
The product is available now and customers can sign up online or by calling BNZ Merchant Services Sales and Support on 0800 737 774. Customers simply need a device with Near Field Communication running Android 9.0 or above.
