Retail payments
We are responsible for promoting competition and efficiency in the retail payment system for the benefit of businesses and consumers.
Whenever anyone buys something or gets paid, they are using the retail payment system. It is the most used financial service in Aotearoa New Zealand and a critical function of the New Zealand economy.
The retail payment system is made up of multiple payment networks – including debit and credit card networks, interbank networks, digital wallet networks and buy now, pay later networks.
Our role is to promote an efficient and competitive payment system. We do this through monitoring and engaging with different people across the system and, where appropriate, setting and enforcing targeted rules that apply to designated payment networks. Our work is enabled by the Retail Payment System Act 2022.
The principles we consider when evaluating the efficiency and competitiveness of the retail payment system are set out in the Act:
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merchants and customers should pay no more than reasonable fees for the supply of payment services, and that
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the retail payment system provides a reasonable degree of transparency.
An efficient and competitive payment system will give New Zealand businesses and customers more choice, innovation, and value in the different ways to make and accept payments and use their money.
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Learn more about our work
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Making and accepting payments
The ability to make and accept payments is central to the New Zealand economy, but different payment options have different costs and benefits for businesses and consumers.Read more -
Merchant Service Fees
Businesses are charged a Merchant Service Fee to accept contactless and credit card payments.Read more -
Our payment system
New Zealanders make and receive payments in many ways. These payment options work in different ways and involve different participants in the system.Read more -
Payment networks
The retail payment system is made up of different payment networks, including debit and credit card networks, the interbank payment network, and the EFTPOS network.Read more -
Modernising our payment system
We have an interest in seeing our payments system become more competitive and efficient to transform the system and enable new ways to pay.Read more -
Obligations under the Retail Payment System Act
We are responsible for making sure that the rules set in place under the Retail Payment System Act 2022 are followed.Read more