this post was submitted on 26 May 2024
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Open banking: How to opt in - and out - of the new payment system (www.rnz.co.nz)
submitted 5 months ago by [email protected] to c/[email protected]
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From 30 May, New Zealand's four major banks - ANZ, ASB, BNZ and Westpac - must offer the secure payment service - although some already have it in place.

It allows customers to give a third party (such as an online retailer) permission to connect to their banking information, meaning there is no need to enter credit or debit card details to make a purchase.

Open banking can be used both on retailers' websites and on their mobile app, if they have one

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[–] [email protected] 2 points 5 months ago (1 children)

I’d agree about waiting personally. Not to defend it of course, but isn't this already happening? Probably not at the banking side other than for their internal benefit (I presume as they're fairly regulated) , but at the retail , POS , even accounting system sides? Theres also all other data collection and harvesting sources - internet use basically, location data etc - but thats all known. This is likely to be a more consolidated competitor in that space I guess. All speculation. I’m more curious so fishing for knowledge

[–] [email protected] 3 points 5 months ago

I am in some of the industries you mentioned, and no, it's not common. Not yet anyway, but some unscrupolous actors would love to get that ride going. People need to push back, or we will be so far under the thumb, we won't be able to breathe.