NZ cellcos team up with Paymark for ‘virtual wallet’ JV

4 Apr 2012

New Zealand’s three mobile network operators have announced plans to form a joint venture with Paymark Ltd, New Zealand’s leading electronic payments provider, to devise an application that will allow subscribers to use their handsets as a ‘virtual wallet’ in supermarkets and on trains. Paymark, which was founded in 1989 by New Zealand’s four major banks and processes three-quarters of the country’s e-card payments, will join forces with Vodafone New Zealand, 2degrees Ltd and Telecom New Zealand to create a ‘trusted service manager’ that will allow consumers to make secure payments, collect loyalty points and use public transport with their mobile phones. The service will utilise Near-Field Communications (NFC) technology. 2degrees CEO Eric Hertz commented: ‘Over the past decade, our mobile phone has swallowed our newspaper, our map and our camera to become an essential all-in- one device. The logical next step is to make it even more convenient by having it swallow our wallet.’