BNZ and Centrapay team up to launch Payap
BNZ has announced a significant investment in New Zealand fintech company Centrapay.
Building on their established partnership, this move will accelerate the development of Payap, the country’s first digital wallet and point-of-sale (POS) app that is compatible with all New Zealand banks.
Set for launch in March, Payap promises to deliver innovative solutions for both businesses and consumers, leveraging the power of open banking to streamline transactions and reduce payment costs.
Centrapay CEO Greg Beehre expressed excitement about the collaboration.
“With BNZ’s support, we can go further, faster,” Beehre said. “This enables us to continue delivering for our clients and partners while accelerating growth and development.”
BNZ CEO Dan Huggins (pictured above) emphasised the bank’s focus on adapting to evolving payment technology.
“Payment technology continues to evolve rapidly, and our partnership with Centrapay helps further position us to serve our customers’ changing needs,” he said.
Payap to redefine digital payments
Payap, powered by Centrapay and supported by BNZ, will bring a range of benefits to businesses and consumers:
- Businesses: Payap’s competitive digital payment acceptance rate (0.39% for retail) could save merchants significant costs, potentially up to $7,320 annually for businesses with $100,000 monthly turnover. Features like loyalty program creation, transaction insights, and a “store finder” map add extra value.
- Consumers: Payap simplifies money management by combining bank accounts, loyalty cards, and gift cards into one app. Users can seamlessly split bills, log receipts, and enjoy auto-applied rewards.
Quick and accessible sign-ups for businesses
Payap is now open for business sign-ups ahead of its consumer release. Onboarding is free, and businesses can continue using their existing EFTPOS hardware.
BNZ’s executive for customer products and services, Karna Luke, encouraged businesses of all sizes to join.
“Payap is designed to benefit businesses across Aotearoa, and we welcome all interested businesses – from small street vendors to enterprise retailers – to explore how it can enhance their payment system and customer experience,” Luke said.
Transforming payments with innovation
Payap aims to make payments more affordable and straightforward for New Zealand businesses and consumers.
Core features will launch in March, with peer-to-peer payments and other tools rolling out later in the year. Businesses can sign up now to start using the platform when it goes live.
Read the BNZ media release here. For more information on Payap, click here.
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