Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


The Paymark Is Coming

29 November 2001


The Paymark, which will become New Zealand’s first nationwide mark of electronic payment security, was launched today to banks, card issuers and industry representatives.

The Paymark is the only electronic payment certification mark to combine multiple payment channels into one standard approval process. The Paymark will integrate what’s commonly known as EFTPOS with other forms of electronic payment by providing a mark of assurance across the spectrum of electronic payment methods.

Consumers nationwide will see the Paymark symbol on EFTPOS terminals, electronic payment cards, internet payment sites, and in most places where electronic transactions can be made. A point of payment marked with the new symbol means certification has taken place.

Paymark developers Electronic Transaction Services Limited (ETSL), the company jointly owned by four major banks - ASB BANK, Bank of New Zealand, The National Bank and WestpacTrust, aims to establish Paymark as an industry benchmark that re-assures consumers of security and reliability at that particular point of payment.

For New Zealanders the Paymark will mean a stronger sense of security and assurance that electronic transactions are as secure as possible. For the industry it will mean higher standards, and a rigorous certification process fully endorsed by four major banks across many electronic payment channels.

Ron Brown, General Manager, ETSL says within electronic payments there are new cards, payment technology and interfaces constantly emerging.

“From the internet to digital television, preferred payment channels are always changing. Before using these channels consumers and merchants will be reassured by Paymark in the knowledge that the channel or device will work, the system is certified, it’s secure and it’s reliable. Basically, if it’s not Paymark, the four banks do not certify it.

“The environment is cluttered with a flurry of brands, technology and providers making it hard for consumers to differentiate what electronic payment methods can be trusted. Paymark is set to change that by providing a mark of assurance across multiple electronic payment methods.

“Whether it’s making an online payment via credit card or paying for groceries electronically at the supermarket, the Paymark symbol will reassure consumers that the payment they are making is secure and reliable and that the method they are using can be trusted.

“The Paymark will not be associated with organisations which cannot offer the highest levels of security. This ensures the greatest protection for consumers and merchants. Our partners include the four major banks, card issuers, terminal vendors and technology providers,” he says.

The Paymark program is future-proofed by being flexible enough to include the certification of new technologies such as payments by mobile phone and digital television as they are brought to market.

Paymark not only delivers certification and assurance but also provides New Zealand’s largest and most robust payment system linking the four major banks. These banks will be working with merchants, retailers and ETSL over the coming months and will begin rolling out the initiative in early 2002.

About Electronic Transaction Services Limited
ETSL is the company responsible for the development and introduction of EFTPOS in New Zealand. ETSL is jointly owned by four major banks – ASB BANK, Bank of New Zealand, The National Bank of New Zealand and WestpacTrust. The company supports nearly 90% of all EFTPOS transactions in the New Zealand market by providing network and processing services for real time payment transactions. These transactions are generated at point of sale by debit, credit, charge and proprietary cards and authorised via links to major financial institutions and many smaller card processing operations. Since its inception in 1989, ETSL has become a vital part of the retail experience in New Zealand, carrying around 55% of all retail turnover.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>


Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>


CO2 And Water: Fonterra's Environment Plans

Federated Farmers support Fonterra’s bold push to get to zero emissions of CO2 on the manufacturing side of the Co-operative, both in New Zealand and across its global network. More>>


Fisheries: Decision To Delay Monitoring ‘Fatally Flawed’

Conservation group representatives say a decision by the new Minister of Fisheries, Stuart Nash, to delay implementation of camera monitoring of fishing efforts in New Zealand is ‘fatally flawed’. More>>


Kaikōura Quakes: One Year On

State Highway One and the railway were blocked by damage and slips and the Inland Road suffered significant damage. Farms, homes and businesses suffered building and land damage. Power and internet went down, drinking water systems, sewage systems and local roads were all badly affected... More>>