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> Transfers in NZ are realtime, instant, and validated before you send to ensure its the right person. You can also create accounts online with your government

> Transfers in NZ are realtime, instant, and validated before you send to ensure its the right person. You can also create accounts online with your government login. Touch to pay exists everywhere since at least 2010. I know that this is an outright fiction, so I’m leaning towards doubting the rest of your post too. Transfers in NZ are only instant if you’re transferring to somebody in the same bank. I don’t know what identity validation you’re talking about, NZ banks just take an account number for transfers. I’ve never seen a bank use government login in place of AML. Touch pay is not widely adopted at all in NZ, most merchants hate it because of the extra fees, in recent time it’s become somewhat common at larger merchants. Literally everything you said about banking in NZ is either outright false or a major exaggeration.

ajdlinux 7y ago
As an Australian who travels to NZ reasonably regularly the lack of touch payments, and even credit card acceptance (vs NZ EFTPOS acceptance) is noticeable. Australia has now launched real time payments though, so I hope NZ catches up before too long...
toomanybeersies 7y ago
Last I checked, inter-bank transfers in NZ were hourly now. They're instant with Osko payments in Australia though, which is nice, and they include identity validation too. Paywave/paypass is also almost universal in Australia too, when I went back to NZ a couple of weeks ago it was noticeable how many shops didn't accept contactless payment.
- AmericanChopper 7y ago
  > Last I checked, inter-bank transfers in NZ were hourly now Depends on the bank, I think most of the big ones do. Some still do overnight. But remember, that’s on each side of the transaction, so a transfer between banks that settle hourly can still take a few hours.
davchana 7y ago
Any bank to any bank transfers in India are literally instant now, via UPI or Unified Payment Interface. A central office gets all incoming requests, & settles the txns. Users & Merchants get id like user@bank, merchants can send a collect request; users can send money, protected through 4-8 char long pin.
- selimthegrim 7y ago
  How’s that working in J and K?

ajdlinux 7y ago

As an Australian who travels to NZ reasonably regularly the lack of touch payments, and even credit card acceptance (vs NZ EFTPOS acceptance) is noticeable. Australia has now launched real time payments though, so I hope NZ catches up before too long...

toomanybeersies 7y ago

Last I checked, inter-bank transfers in NZ were hourly now. They're instant with Osko payments in Australia though, which is nice, and they include identity validation too. Paywave/paypass is also almost universal in Australia too, when I went back to NZ a couple of weeks ago it was noticeable how many shops didn't accept contactless payment.

AmericanChopper 7y ago
> Last I checked, inter-bank transfers in NZ were hourly now Depends on the bank, I think most of the big ones do. Some still do overnight. But remember, that’s on each side of the transaction, so a transfer between banks that settle hourly can still take a few hours.

davchana 7y ago

Any bank to any bank transfers in India are literally instant now, via UPI or Unified Payment Interface. A central office gets all incoming requests, & settles the txns. Users & Merchants get id like user@bank, merchants can send a collect request; users can send money, protected through 4-8 char long pin.

selimthegrim 7y ago
How’s that working in J and K?