$1.3 Billion Boost: NZ Payments System Overhaul Could Transform Economy

The Reserve Bank of New Zealand has released a new issues paper on modernizing the country's retail payments system, which could boost the economy by up to $1.3 billion per year.

New modelling from the bank suggests that overhauling the outdated payment system could increase national productivity, enhance innovation and global competitiveness, and strengthen economic resilience.

The current system relies on legacy platforms, restricting competition and innovation, while lacking modern features seen in other systems around the world.

The Reserve Bank is now inviting submissions on possible changes to the system, including looking at technical and platform requirements needed to modernize the payments infrastructure.