What is Payments Direction?
Payments Direction is Payments NZ’s cornerstone initiative to understand the evolving future of payments. Through this program we work collaboratively with the industry to identify what needs to be done to contribute to and prepare for that future.
Our vision is to ensure New Zealand has the world’s most progressive payments system while making sure payments are simple and secure for Aotearoa. Ultimately, we want Kiwi to be able to pay who they want, when they want and how they want.
What are we working on?
Our focus this year is to finalise work on our long-term strategic roadmap for payments systems to 2030. This work is based on the Payments Modernisation Plan (PMP) discussion document we released in 2020.
The PMP is based on five guiding principles that put Kiwi at the heart of everything we do.
The principles that guide our modernisation activities are to:
- help Kiwi achieve their financial goals
- improve financial inclusion
- build a more productive New Zealand
- improve the financial resilience of Kiwi businesses and consumers
- support competition and innovation to give Kiwi more choice in payments.
The PMP also identifies a range of building blocks required to modernise New Zealand’s payments ecosystem. Each of these blocks will help address current and emerging limitations in the payments ecosystem.
Steve Wiggins in Chief Executive Officer of Payments NZ.