Reserve Bank Seeks Submissions on Retail Payments Overhaul

The Reserve Bank of New Zealand is seeking submissions on modernizing the country's retail payments system. The bank has released an issues paper outlining potential changes, which could boost the economy by between $700 million and $1.3 billion a year.

New modelling from the Reserve Bank suggests that upgrading the current payment system could lead to significant economic gains. The bank is now accepting submissions on the proposed modernization of New Zealand's retail payments system.