New app set to slash merchant payment fees and transform how NZers manage their money

Imagine running a bustling café where every transaction not only saves you money on fees, but also automatically updates your loyalty programme, provides smart sales insights, and even puts you on the map for potential new customers.

Meanwhile, your regulars can pay their brunch bill without even bringing a wallet, quickly send their share of the brunch tab to friends, manage their bank accounts, loyalty cards and gift vouchers seamlessly in one place, and easily track their daily flat white habits.

Soon this will be the reality for New Zealand businesses and their customers with the launch of Payap – the country’s first digital wallet and Point of Sale (POS) app compatible with all New Zealand banks.

Leveraging the power of open banking, Payap offers a new lower cost, contactless way to pay and get paid. Payap makes transactions effortless: users simply scan QR codes dynamically generated on an EFTPOS terminal, enabling instant cash transfers directly from their bank account. It also provides a low-cost ecommerce solution, making it easy and affordable for businesses to accept payments online.

With Payap’s 0.39% payment acceptance rate, a retail business turning over $100,000 monthly could save up to $7,320 annually compared to the average 1% merchant service fee reported by the Commerce Commission. For ecommerce businesses, Payap’s 0.59% fee is approximately 80% cheaper than the percentage fees charged by some other providers.

• Businesses using Payap also have access to a suite of powerful features, including:
• The ability to create and manage loyalty programmes, making it easy to reward customers and build brand loyalty
• Enhanced visibility over transactions and the ability to manage discounts and refunds through a dedicated portal
• Increased visibility with Payap’s ‘store finder’ map, showcasing location, business details, and available offers to app users
• Use existing hardware – Payap is supported by all leading EFTPOS providers

For consumers, Payap brings together all your accounts from New Zealand banks, as well as loyalty, and even gift cards in one easy-to-use digital wallet. It allows seamless payments from any linked account and offers a range of features that simplify money management:

• Manage your bank accounts, loyalty, and gift cards in one place
• Split a payment across multiple sources, combining different bank accounts, debit cards, or gift card balances, all managed seamlessly within Payap
• Easily split bills or manage shared expenses with friends with peer-to-peer payments
• Log all your receipts in one place and get smart insights to gain a clear view of your spending patterns
• Level up your loyalty, with rewards automatically applied during transactions

Powered by New Zealand fintech Centrapay and backed by BNZ, Payap is now available for business sign-ups ahead of the March 2025 consumer launch. The onboarding process is quick and free, and businesses are encouraged to register their interest. Payap is available to all businesses regardless of who they bank with.

“Payap is the country’s first comprehensive digital payment service that leverages the power of open banking to fill a clear gap in the New Zealand market,” says Centrapay CEO Greg Beehre.

“We’re excited to introduce this innovative solution that will transform how businesses accept payments and how we manage our money.”

BNZ Executive Customer Products and Services, Karna Luke, says the potential Payap offers to both businesses and consumers is impressive.

“Our team is working closely with our business customers to onboard them before the consumer launch, and we expect thousands of businesses to be on the platform on day one when their customers start using the app.

“Payap is designed to benefit businesses across Aotearoa, and we welcome all interested businesses – from small street vendors to enterprise retailers and everything in between – to get in touch with us to explore how it can enhance their payment system and customer experience.”

Core payments, acceptance and rewards features will be available at launch, with additional capabilities like peer-to-peer payments being rolled out progressively throughout 2025.

Businesses interested in learning more about Payap can visit www.payap.com or www.bnz.co.nz/payap