3 Payment Gateways accelerating online transactions in New Zealand

By Gloria Mathias

Payment gateways are online payment processing systems that enable secure transactions between merchants and customers. Payment gateways are mediums chosen for their seamless transaction services, mitigating the risks of payment fraud and breaches. In New Zealand, digital payment gateways have emerged as vital stakeholders, revolutionising the way individuals, businesses, and institutions manage their finances and transact consistently.

According to an IBS intelligence report, rapid digitalization in the payments sector is the primary trend in the market. In the post-pandemic society, digital currencies, biometrics, and real-time payments are becoming more popular and widely accepted by customers to reduce the demand for cash. Furthermore, technology is expanding to new use cases as its adoption continues to provide contactless payment choices for restaurants and retailers.

Dynamic real-time payment credit has also allowed retailers to scan customer codes, where the system detects fraud automatically. As a result, the worldwide real-time payments industry could see growth because of the increase in developments and efforts towards digitalized payments. Such factors are expected to fuel the growth of the market during the forecast period.

Listed below are the 3 digital payment gateways in New Zealand:

• Flo2Cash

Flo2Cash is a technology company that builds smart systems to help businesses accept payments. Founded in 2003, their custom payment tools for processing one-off and recurring payments help power some of the global businesses, banking institutions, not-for-profits, and charitable organisations. Headquartered in New Zealand Flo2Cash currently processes payments for 1,500+ clients and securely manages over $30 million a month in transactions.

• Paystation by Trade Me

Paystation by Trade Me is an online payment service that allows customers to pay with credit cards through a secure online gateway. Paystation connects billers with billpayers and reduces the printing, paper, postage, and processing costs for billers. Paystation was founded in 2002 and is developed and maintained in New Zealand.

• Windcave

Windcave is a payment gateway that offers payment solutions for eCommerce, retail, and unattended transactions. Windcave is a private New Zealand company that is certified with all major credit card schemes and is PCI DSS compliant. Windcave offers payment solutions for businesses that offer retail eCommerce and unattended transactions. It also offers options for merchants who need to process large numbers of transactions quickly and easily.