Payments NZ rolls out new rules to enhance mobile payments

Payments NZ has introduced new Mobile Device Rules and Standards to manage mobile payments system in New Zealand, while protecting businesses and consumers.

Payments NZ has introduced new Mobile Device Rules and Standards to manage mobile payments system in the country, while protecting businesses and consumers.

According to Payment NZ, the new standards are aimed at ensuring the integrity, efficiency and security of mobile payments, and will provide customers with a range of payment options.

Payments NZ CEO, Steve Wiggins, said the new rules help protect the credibility and security of domestic payments, which will give customers greater confidence to use the technology.

"Today, customers use any card they want to pay for goods. Soon, they’ll be able to choose an application on their mobile phone to do the same thing," Wiggins added.

The new rules will ensure Near Field Communications (NFC) capable smartphones and contactless-capable point-of-sale terminals will be compatible when banks and telecommunications companies introduce contactless mobile payment applications later this year.

"We’re confident the Rules and Standards will meet the needs of emerging technologies this year, as well as maintain the flexibility to respond to new developments in the rapidly evolving market. We’re now looking forward to seeing what the industry comes up with in terms of mobile payments," Wiggins noted.