Kiwibank says it is providing its small-business customers in New Zealand with a mobile payments app and card reader.
The QuickPay app — which runs on both the consumer's and merchant's smartphones — works in conjunction with the QuickPay device issued through Kiwibank that enables contactless, chip or magstripe transactions for any Visa, Mastercard or EFTPOS card.
The device, which does not attach to the user's handset, is slightly larger than half the size of a typical smartphone.
“Kiwibank QuickPay is what our small business customers need in this rapidly changing environment," Nigel Gaudin, general manager of business banking and specialist markets at Kiwibank, said in a Tuesday press release.
"We believe that QuickPay gives them all of the features and benefits they need to take payments on the spot and on the go, and provides a seamless payment experience for their customers,” Gaudin added.
The app, which calculates purchase totals and generates quotes, invoices and receipts by email to customers, also has a built-in product catalog that allows businesses to create and maintain an online listing so customers have access to all products and services.
Merchants can also track customer transaction histories within the app, making it easier to process a refund or resend a receipt to a customer.
While New Zealand has launched the Semble mobile wallet with the backing of the country's banks in the past two years, individual banks have generally provided businesses with branded apps and card readers for payment acceptance, such as the Bank of New Zealand's PayClip reader, provided through Mint Payments.
Kiwibank says it is targeting the traditional "mobile" business customer with QuickPay, such as tradespeople, on-site service providers, niche retailers, clubs and organizations, and the self-employed. The service would also benefit existing businesses with mobile staff or those that have occasional or seasonal payment requirements, the bank said.
"The product aligns with our digital strategy, is competitive in its offering and is a win for our business customers," group marketing manager Mark Wilshire said in the release.
Kiwibank also revealed it will launch another set of fintech startups into business through its second FinTech accelerator with partner Callaghan Innovation.
"The first accelerator saw exciting new Kiwi companies such as Sharesies, Accounting Pod and Tapi successfully launched to market," Kiwibank Chief Executive Paul Brock said in the release. "With the second accelerator, we're looking to help even more startups capitalize on what is a $1 trillion global fintech opportunity."