Payments NZ Forcing The World's Most Aggressive Removal Of EFTPOS Terminals, Says EDANZ
Payments New Zealand is enforcing the most extreme and aggressive removal of EFTPOS terminals anywhere in the world, according to the EFTPOS Dealers Association of New Zealand (EDANZ). The association is calling out Payments NZ for pushing end-of-life (sunset) dates 5 to 7 years earlier than any comparable jurisdictions globally - including the PCI Security Standards Committee the world wide governing body, plus Australia, the United States, and all G7 nations.
"Perfectly Secure Devices Are Being Thrown Out"
Payments NZ is demanding that 19,000 EFTPOS terminals be scrapped by 30 April 2026—despite these same PCI PTS v4.x devices being certified and secure for use in all countries including Australia for example until 31 December 2033, a full 6.5 years longer.
COST to Business – Over $14 Million
And it's not an isolated event. Between 2023 and mid-2024, 60,000 v3.x devices were forced into early retirement here in New Zealand. Globally, those exact devices are still approved for use in other countries right now and until 2030. COST to Business – Over $45 Million
Looking ahead, another bombshell looms. In 2029, Payments NZ has planned the forced sunset of 90,000 v5.x EFTPOS terminals—60,000 of which were only just installed as part of the previous device purge. These same v5.x models are still being sold in New Zealand as compliant, and will remain in use overseas until 2036. COST to Business – Over $70 Million
'No Other Country in the World is Doing This' – EDANZ
EDANZ has, after extensive research, found no other international regulatory body enforcing this level of premature terminal retirement. Identical EFTPOS models are still approved in all G7 countries and Australia for 5 to 7 years longer than in New Zealand. "This policy is not just aggressive—it's reckless," says Steve Batey, Chairman of EDANZ. "It's wasteful, anti-business and completely misaligned with global best practices."
Outdated Rules and No Oversight
EDANZ also claim Payments NZ are using 12-year-old guidelines (as per their own admission) that has not been updated in line with global security improvements. As a company owned by New Zealand's eight major banks, Payments NZ functions like a quasi-regulator/governing body but EDANZ believe they operate without the appropriate government oversight in this area.
'They are not even following their own rules,' Batey says. 'These guidelines are outdated, unfit for purpose, and massively out of step with the rest of the world.'
This Policy is Costing Everyone – and these costs will land with Consumers
These repeated, premature replacement cycles from 2023 through to 2029 and beyond will impose enormous, compounding capital costs on industry, which are ultimately passed down to small businesses and consumers.
EDANZ argues that a common-sense, globally aligned approach is needed where devices are replaced as per world-wide guidelines. Replacement via organic churn, with wear and tear, business closure, or demand for new features, also Non Deployment dates that stop older terminal being recycled – That should be enough say EDANZ.
"This is not only bad economics—it's an environmental disaster," Batey adds, pointing to the increasing volume of EFTPOS devices being sent to landfill as e-waste, many of them still perfectly functional.
EDANZ Calls for Immediate Government Intervention
EDANZ has submitted a formal complaint to Payments NZ and filed evidence with Government Ministers Scott Simpson (Minister of Commerce) and David Seymour (Minister of Regulation), urging immediate action.
The association is demanding that the Commerce Commission, the Reserve Bank, and other government departments be granted formal oversight of Payments NZ moving forward.
'The banks cannot be allowed to make self-serving decisions that burden the rest of New Zealand,' Batey states. 'The current system is broken. This needs fixing—now.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Scoop
2 days ago
- Scoop
Global Survey Finds 8 Out Of 10 People Support Taxing Oil And Gas Corporations To Pay For Climate Damages
A majority of people believe governments must tax oil, gas and coal corporations for climate-related loss and damage, and that their government is not doing enough to counter the influence on politics of the super-rich and polluting industries. These are the key findings of a global survey, which reflects broad consensus across political affiliations, income levels and age groups. Today's study, which was jointly commissioned by Greenpeace International and Oxfam International, was launched at the Bonn UN climate meetings (SB62 16-26 June), where governments are discussing key climate policy priorities, including ways to mobilize at least US $1.3 trillion annually in climate finance for Global South countries by 2035. The poll was conducted across 13 countries, including most G7 countries. The study, run by Dynata, comes with additional research by Oxfam showing that a polluter profits tax on 590 oil, gas and coal companies could raise up to US $400 billion in its first year. This is equivalent to the estimated annual costs of climate damage in the Global South. Loss and damage costs from climate change to the Global South are estimated to reach between $290bn to $580bn annually by 2030. Key findings of the survey include: 81% of people surveyed support new taxes on the oil, coal and gas industry to pay for damages caused by fossil-fuel driven climate disasters like storms, floods, droughts and wildfires. 86% of people in surveyed countries support channelling revenues from higher taxes on oil and gas corporations towards communities who are most impacted by the climate crisis. Climate change is disproportionately hitting people in Global South countries, who are historically least responsible for greenhouse gas emissions. When asked who should be taxed to pay for helping survivors of fossil-fuel driven climate disasters, 66% of people across countries surveyed think it should be oil and gas companies compared to than 5% who support taxes on working people, 9% on goods people buy, and 20% in favour of business taxes. 68% felt that the fossil fuel industry and the super-rich had a negative influence on politics in their country. 77% say they would be more willing to support a political candidate who prioritises taxing the super-rich and the fossil fuel industry. Oxfam's research finds that 585 of the world's largest and most polluting fossil fuel companies made $583 billion in profits in 2024, a 68% increase since 2019. The annual emissions of 340 of these corporations (for whom data was available) accounted for over half of global greenhouse gas emissions caused by humans. Their emissions in just one year are enough to cause 2.7 million heat-related deaths over the next century. A polluter profits tax on these companies would ensure that renewable energy is more profitable than fossil fuels, encouraging companies to invest in renewables, as well as avoid more deaths driven by fossil fuelled climate change. This new tax must be accompanied by higher taxes on the super-rich and other polluting companies. Governments should impose such taxes nationally and engage positively at the UN to ensure a fair global tax agreement. Nick Henry, Climate Justice Lead for Oxfam Aotearoa, said: "This new poll shows that people support Oxfam's call for our leaders to make polluting corporations pay for the damage they cause to our climate." "People understand that storms, floods, drought, wildfires, and other extreme weather events are being fuelled by oil and gas corporations. Instead of leaving communities exposed to deal with these devastating costs alone, governments can unlock huge sums of money to invest in climate solutions through making dirty energy companies pay," said Rebecca Newsom, Global Political Lead for Greenpeace's Stop Drilling, Start Paying campaign. "The Polluters Pay Pact unites communities on the frontlines of climate disasters, concerned citizens, first responders like firefighters and humanitarian groups around the world to call on politicians to act now through making polluters, not people, pay for climate damages." Amitabh Behar, Executive Director of Oxfam International, said: "Mega-rich coal, oil and gas companies have known for decades about the damage their polluting products wreak on humanity. Corporations continue to cash in on climate devastation, and their profiteering destroys the lives and livelihoods of millions of women, men and children, predominantly those in the Global South who have done the least to cause the climate crisis. Governments must listen to their people and hold rich polluters responsible for their damages. A new tax on polluting industries could provide immediate and significant support to climate-vulnerable countries and finally incentivise investment in renewables and a just transition." Nick Henry continued: "Rather than subsidising new oil and gas drilling, and fast-tracking coal mines, our Government should be holding fossil fuel companies responsible for the costs facing our communities to adapt to climate change." Notes: The research was conducted by market research company Dynata in May-June, 2025, in Brazil, Canada, France, Germany, Kenya, Italy, India, Mexico, the Philippines, South Africa, Spain, the UK and the US. Together, these countries represent close to half the world's population. Results available here. Oxfam's polluter profits tax model is explained in this blog and methodology note attached. The methodology note also explains the basis for the emissions of fossil fuel companies and their impacts on heat-related deaths. These deaths were calculated on the basis of emissions in 2023.
Techday NZ
3 days ago
- Techday NZ
Open banking in New Zealand advances with NZD $13.77m spent
Payments NZ has released a report outlining six years of progress in open banking, highlighting industry delivery, collaboration and partnerships across New Zealand's open data ecosystem. The report, titled "Shaping Open Banking Together", reviews efforts and outcomes achieved by the sector since the establishment of the API Centre in 2019. Key metrics include the release of 25 open banking API standards, adoption by four major banks covering over 80% of customer accounts, and the engagement of more than 1,100 users in an API sandbox environment resulting in the development of 235 unique applications and over 13.7 million test calls. API standards and usage Since its inception, the API Centre has delivered six versions of API standards, with widespread implementation in the banking sector. Major financial institutions now support key open banking standards, facilitating secure and seamless access to banking services for a large proportion of New Zealanders. The API sandbox, supported by Glueware, has played a significant role in fostering innovation, with hundreds of community contributors involved in shaping the ecosystem. Community engagement has increased markedly, from just five contributors in 2019 to over 500 in the current year, and more than 11,000 working group hours have been logged by participants. Inclusive governance model The API Centre has adopted a governance model developed through industry collaboration. Over a dozen versions of the API Centre Terms and Conditions have been refined in consultation with banks, fintech firms, regulators and other stakeholders. This approach is described as being based on trust, inclusion and co-design. Collaboration has also extended to work with the Ministry of Business, Innovation and Employment (MBIE) on the Consumer Data Right (CPD) framework. Looking to the future, Payments NZ states that this inclusive and partnership-driven approach will continue as the industry transitions towards a regulated open banking environment. "We've built a world-class foundation for open banking in New Zealand – not through mandate, but through collective mahi. This report is a chance to pause, reflect, and acknowledge what we've achieved together," says Phil Cass, Manager of Payments NZ's API Centre. Financial investment and efficiency Payments NZ highlights that the open banking ecosystem has been established at a considerably lower cost compared with international efforts. The total investment over six years amounts to NZD $13.77 million, which represents approximately 5% of Australia's expenditure and 4% of that in the UK for similar sector initiatives. Phil Cass stated, "We now have upgraded, future-ready API standards being implemented by the major banks, new products hitting the market, and a strong platform for innovation. It's been a true partnership approach, and the outcomes speak for themselves." Cass noted that New Zealand's approach has allowed for progress without the need for regulatory compulsion, saying, "Our approach in Aotearoa is unique – open banking here has been shaped by cooperation, not compliance." He continued, "We've seen the cost of regulation in the UK and Australia, and in Aotearoa we have delivered a fully functioning ecosystem at a fraction of the cost." "We're carrying forward the same spirit of industry-led partnership and progress as we transition to a regulated environment for open banking." Data sovereignty and future focus The recent release also marked the launch of Ngā Tohu Ārahi, the new Data Handling Guidelines created in partnership with Nicholson Consulting. These guidelines are grounded in the principles of Māori Data Sovereignty and have implications for the design and management of data systems in the banking sector. Cass explained, "These guidelines are about more than compliance – they reflect our collective responsibility to design data systems with integrity and care." Preparations are underway for the formal designation of banks under New Zealand's CPD Act, expected in December 2025. Payments NZ believes the foundations laid through the API Centre will continue to support secure, innovative and inclusive banking solutions. "This is just the beginning," says Cass. "The next chapter of open banking will be even more impactful – and we're ready."
Scoop
4 days ago
- Scoop
Decoding PNG Leader Marape's Discussions With President Macron
Analysis - The recent series of high-level agreements between Papua New Guinea and France marks a significant development in PNG's geopolitical relationships, driven by what appears to be a convergence of national interests. The "deepening relationship" is less about a single personality and more about a calculated alignment of economic, security, and diplomatic priorities with PNG, taking full advantage of its position as the biggest, most strategically placed player in the Pacific. An examination of the key outcomes reveals a partnership of mutual benefit, reflecting both PNG's strategic diversification and France's own long-term ambitions as a Pacific power. A primary driver is the shared economic rationale. From Port Moresby's perspective, the partnership offers a clear path to economic diversification and resilience. But many in PNG have been watching with keen interest and asking: how bad does PNG want this? While Prime Minister James Marape offered France a Special Economic Zone in Port Moresby (SEZ) for French businesses, he also named the lookout at Port Moresby's Variarata National Park after President Emmanuel Macron drawing the ire of many in the country. The proposal to establish a SEZ specifically for French industries is a notable attempt to attract capital from beyond PNG's traditional partners. This is strategically coupled with securing the future of the multi-billion-dollar Papua LNG project. Macron's personal undertaking to work with TotalEnergies to keep the project on schedule provides crucial stability for one of PNG's most significant economic ventures. For France, these arrangements secure a major energy investment for its national corporate champion and establish a stronger economic foothold in a strategically vital region between Asia and the Pacific. In the area of security, the relationship addresses tangible needs for both nations. PNG is faced with the immense challenge of monitoring a 2.4 million square kilometre Exclusive Economic Zone, making it vulnerable to illegal, unreported, and unregulated (IUU) fishing. The finalisation of a Shiprider Agreement with France provides a practical force-multiplier, leveraging French naval assets to enhance PNG's maritime surveillance capabilities. This move, along with planned defence talks on air and maritime cooperation, allows PNG to diversify its security architecture. For France, a resident power with territories like New Caledonia and French Polynesia, participating in regional security operations reinforces its role and commitment to stability in the Indo-Pacific. The partnership is also a vehicle for elevating diplomatic influence. Port Moresby has noted the significance of engaging with a partner that holds permanent membership on the UN Security Council and seats at the G7 and G20. This alignment provides PNG with a powerful channel to global decision-making forums. The reciprocal move to establish a PNG embassy in Paris further cements the relationship on a mature footing. The diplomatic synergy is perhaps best illustrated by France's full endorsement of PNG's bid to host a future United Nations Ocean Conference. This support provides PNG with a major opportunity to lead on the world stage, while allowing France to demonstrate its credentials as a key partner to the Pacific Islands. This deepening PNG-France partnership does not exist in a vacuum. It is unfolding within a broader context of heightened geopolitical competition across the Pacific. The West's view of China's rapid emergence as a dominant economic and military force in the region has reshaped the strategic landscape, prompting traditional powers to re-engage with renewed urgency. The United States has responded by significantly increasing its diplomatic and security footprint, a move marked by Secretary of State Antony Blinken's visit to Port Moresby to sign the Defence Cooperation Agreement. Similarly, Australia, PNG's traditional security partner, is working to reinforce its long-standing influence through initiatives like the multi-million-dollar deal to establish a PNG team in its National Rugby League (NRL), a soft-power exercise reportedly linked to security outcomes. This competitive environment has, in turn, created greater agency for Pacific nations, allowing them to diversify their partnerships beyond old allies and providing a fertile ground for European powers like France to assert their own strategic interests. A strong foundation for the relationship is a shared public stance on environmental stewardship. The agreement on the need for rigourous scientific studies before any deep-sea mining occurs aligns PNG's national policy with a position of environmental caution. This common ground extends to broader climate action, where France's commitment to conservation in the Pacific resonates with PNG's status as a frontline nation vulnerable to climate change. This alignment on values provides a durable and politically important basis for cooperation, allowing both nations to jointly advocate for climate justice and ocean protection. For the Papua New Guinea economy, this deepening partnership with France is critically important as it provides high-level stability for the multi-billion-dollar Papua LNG project and creates a direct pathway for new investment through a proposed SEZ for French businesses. Furthermore, by moving to finalise a Shiprider Agreement to combat illegal fishing, the government is actively protecting a vital economic resource. For Marape's credibility in local politics, these outcomes are tangible successes he can present to the nation as he battles a massive credibility dip in recent years. Securing a personal undertaking from the leader of a G7 nation, gaining support for PNG to host a future UN Ocean Conference, and enhancing national security demonstrates effective leadership on the world stage. This allows him to build a narrative of a competent statesman who, through "warm, personal relationships", can deliver on promises of economic opportunity and national security whilst strengthening his political standing at home.
