News

New Zealand builds out EMV infrastructure

April 9, 2006

ePaynews.com: New Zealand's national payment network, Paymark, is soon expected to accept and process EMV chip-card transactions. Westpac Bank completed the country's first end-to-end chip-card transaction, in line with the upgrade of about 40,000 of New Zealand's 118,000 POS terminals. Now that Westpac can settle EMV transactions via the Paymark network, which is owned by the country's four big banks, other financial institutions are expected to step up EMV migration.