Bank of New Zealand is to provide small business customers with a mobile point-of-sale card reader using technology from Sydney-based Mint Wireless.
Mint's white-labelled PayClip reader enables EMV-based chip and sign transactions across all standard smartphone operating systems.
The bank - the first in Australasia to offer the service - will charge business customers a flat $10 per month fee and 3.25% of each transaction. Mint will be payed on a per transaction basis.
This month BNZ also launched updates to its mobile banking for business capability, becoming the first New Zealand bank to allow SME businesses to approve common payments, securely from their mobile phone.
BNZ head of small business Harry Ferreira, says: "We all know business is becoming increasingly mobile. PayClip joins the suite of capability allowing us to support our customers to operate at maximum efficiency in the new mobile business environment."
Mint has just completed a private placement of $3 million to fund the distribution deal with BNZ and to expand its business into UK and European markets.