National payments umbrella organisation Payments New Zealand has launched new Mobile Device Rules and Standards designed to govern mobile payments system and protect businesses and consumers.
The new rules - which are set to come into force in mid-May - have been drafted as banks and telcos seeks to take advantage of the progressive roll-out of contactless Eftpos terminals on the high street.
Payments NZ CEO Steve Wiggins, says: "The new rules help protect the credibility and security of domestic payments, which will give customers greater confidence to use the technology."
He says Payments NZ consulted widely on developing the standards to ensure they can support future innovation.
Says Wiggins: "We're confident the Rules and Standards will meet the needs of emerging technologies this year, as well as maintain the flexibility to respond to new developments in the rapidly evolving market."