New Zealand's bank-owned payments network Paymark is teaming up with three of the country's major wireless network operators on a contactless mobile money joint venture.
Vodafone, 2degrees, Telecom and Paymark say they will work together on a trusted service manager (TSM) which will allow New Zealanders to make secure payments, collect loyalty points and use public transport with their mobile phones.
The service will use near-field communications technology, meaning customers will be able to make payments at the checkout by holding their mobile phone against a payment terminal.
By working together to develop an ecosystem, the partners say the project can be rolled out more quickly and seamlessly while lowering costs and simplifying the process for merchants. The infrastructure will also be open to other banks, mobile operators and players such as loyalty schemes and transport companies in a bid to encourage wide-spread consumer uptake.
Meanwhile, the three telcos say they "will continue to compete vigorously for customers" by developing their own services on top of the open platform infrastructure provided by the TSM.
Simon Tong, CEO, Paymark, says: "It's the first time this particular mix of organisations has come together to provide a centralised TSM which will offer world-class, yet low-cost infrastructure - something New Zealand is well-known for around the world."
Russell Stanners, CEO, Vodafone New Zealand, adds: "The mobile phone has been transforming the way we live for almost 20 years, and alongside our wallet and keys, is the item most people never leave home without. By partnering with the mobile and banking industries to develop the TSM, Vodafone is pleased to give New Zealanders yet another reason to live life on their smartphone…and one day in the near future, leave their wallet at home for good."