Modernising retail payments system could boost economy by up to $1.3 billion a year

Home / BusinessRNZ18 Aug, 2026 03:00 AM2 mins to readThe Reserve Bank is seeking submissions on modernising New Zealand's retail payments system.The Reserve Bank is seeking submissions on modernising New Zealand's retail payments system.By Corin Dann of RNZNew modelling from the Reserve Bank suggests overhauling the country’s outdated retail payments system could boost the economy by between $700 million and $1.3 billion a year.The bank has today released a new issues paper on modernising the payments system.AdvertisementAdvertise with NZME.