How Open Banking, Payap & Centrapay Are Redefining Payments in New Zealand
Open Banking is one of the biggest shifts to ever happen in the New Zealand payments landscape. For years, payment options have been dominated by traditional card schemes. Now, Open Banking finally makes it possible to move money directly between customers and merchants – securely, instantly, and with lower fees.
This change is already reshaping the way Kiwis pay, and businesses that adapt early will see major benefits. That’s why we’re excited to announce that EFTPOS Central now fully support Centrapay and Payap payments across our Feitian terminals and EFTPOS One solution.
What Is Open Banking?
Open Banking allows banks to securely share financial information and initiate payments through approved, vetted and secure connectors. In the payments space for everyday New Zealanders, this means they can pay directly from their bank accounts – without going through card networks.
For merchants, it means lower fees, fast settlement, and more competition in payments.
Payap is one of the first major consumer-focused examples of Open Banking in action in Aotearoa.
Payap: A Modern NZ Digital Wallet
Payap lets customers:
- connect any of their NZ bank accounts securely
- scan a QR code to pay in-store
- choose which account funds the purchase
- avoid surcharges and confusing card fees
- enjoy a secure, bank-level payment experience
It’s simple, transparent, and designed for how people now use their mobile devices every day.
Centrapay: The Engine That Makes It Work
Centrapay provides the infrastructure behind Payap. When a customer wants to pay, our terminals display a secure dynamic QR code. The customer scans it using their Payap app, approves the payment with bank-grade authentication, and the transaction completes – usually in seconds.
Centrapay also enables:
- digital asset payments (gift cards, loyalty balances, tokens)
- a full merchant dashboard for reconciliation and refunds
- future compatibility with new digital payment technologies
This is the beginning of a much broader change in the way NZ businesses accept payments.
Why EFTPOS Central / EFTPOS One Support Matters
1. Reduce Payment Costs
Centrapay and Payap transactions are typically much cheaper than traditional credit card processing fees. For many businesses, this represents a significant long-term saving.
2. Use Existing Hardware
All Feitian terminals already support QR-based payment options. There’s no need to upgrade, replace, or purchase new devices.
3. Offer a Customer Experience That Feels Modern
More and more Kiwis expect to pay using their mobile phone. With QR payments, no card needs to be inserted or tapped – it’s fast, secure, and intuitive.
4. Become Early Adopters of Open Banking
Open Banking will continue expanding in New Zealand over the next few years. Merchants who adopt these payment methods early will be better positioned as customer habits shift.
5. Access Loyalty, Gift Card and Digital Wallet Payments
As Centrapay expands into tokenised assets and loyalty integrations, businesses will be able to accept more payment types through the same terminal; without adding extra hardware or services.
New Zealand Is Entering a New Payments Era
For decades, NZ merchants have been waiting for meaningful competition to traditional card payments. Open Banking – through Payap and Centrapay – is finally delivering it.
At EFTPOS Central, we’re proud to support this shift and make it simple for merchants to activate QR payments and join the next generation of payment technology.
Want to Enable Payap and Centrapay?
We can activate Centrapay support on eligible terminals, help you get started, and guide you through the simple onboarding process.
Get in touch with the team at EFTPOS Central and we’ll get you up and running!
