NZ startup opens way for cardless online shopping
The Bank of New Zealand (BNZ) has signed an API agreement with Maori fintech startup BlinkPay to provide online shoppers with a cardless payment option.
“This collaboration allows BNZ merchants to access BlinkPay’s payment products like Blink PayNow and, in the future, Blink AutoPay. Both products provide a straightforward and secure payment method from a customer’s BNZ bank account,” said Adrian Smith, chief product officer and co-founder of BlinkPay.
To use Blink PayNow, customers simply select the service at checkout on a BlinkPay-integrated website and choose their bank. They are then redirected to their bank’s portal, where payment details are pre-filled.
This payment option also boasts benefits for merchants, as its standard fee is 0.95 per cent per transaction and caps at $3. There is no cost to consumers who pay through the service.
Karna Luke, BNZ’s executive of customer products & services, says the move aims to simplify the digital economy, allowing New Zealanders to easily pay for their shopping online with just a bank account.
“Enabled through our secure API, this is a step forward for inclusive banking in Aotearoa, reducing barriers and making it easier for consumers and businesses to benefit from the digital economy.”
BNZ has been providing open banking services since 2018 and has consistently led the market in New Zealand in releasing APIs.