Bank of New Zealand (BNZ) has unveiled BNZ Pay, a mobile app for retailers that transforms an Android device into a contactless payment terminal.

Developed in conjunction with Visa and Quest Payment Systems, BNZ Pay is being launched with no monthly costs to merchants who settle into a BNZ account until January 2024. After that, a monthly fixed fee of $10 will be applied.

The service charge drops to zero in months when the app is not in use, making it a handy tool for seasonal micro-merchants and non-profit organisations that run occasional events and street appeals.

As well as accepting payments, the app consolidates sales data into a dashboard and can issue invoices, manage customer profiles, and send receipts by text or email.

BNZ executive, customer, products, and services, Karna Luke, says: “We’re really excited about how BNZ Pay will change the game for Kiwi SMEs, particularly at the smaller end of the scale. Whether you’re a weekend market vendor, a local café or food truck, a sole trader or a taxi driver, you’ll now be able to accept contactless payments - Kiwis’ preferred payment option - for the lowest cost in the market by simply using an Android phone."