Nationalise EFTPOS?

Winston Peters sometimes has some really stupid things to say.

This one takes the cake though…he wants to nationalise EFTPOS.

Following the latest EFTPOS outage, New Zealand First is calling on the Reserve Bank to purchase EFTPOS processor, Paymark, which is reportedly on the market.

?Most people don?t realise that the clearing houses behind New Zealand?s electronic banking system are both overseas owned,? says New Zealand First Leader and Member of Parliament for Northland Rt Hon Winston Peters.

?In 2013, ANZ sold EFTPOS New Zealand to American giant Verifone for $70m, while overseas owned ANZ, ASB, BNZ and Westpac want to sell off Paymark. ?? Read more »

Ka Ching, the cash registers ring


Well done you spendthrifts – NZ sets a new Christmas retail?record.

Last-minute Christmas shopping is setting new records with New Zealand’s largest electronic transaction company processing more sales than ever before.

New Zealanders have spent more than $147 million up to 1pm on Christmas Eve according to Paymark, with more than half a million transactions an hour during the shopping peak.

The company processed 157.46 transactions per second at 12.21pm, a new record.? Read more »

Are you still donating as much as you used to?

ex Facebook via RNZ

ex Facebook via RNZ

I have to admit I’m not. ?I simply don’t carry cash like I used to.

The charity’s chief executive, Michelle Branney, said it had a deficit of $100,000 a year between its outgoings and donations.

She said EFTPOS New Zealand gave the mission four portable machines, which allowed people who did not carry cash to donate. Read more »


So much for poverty, busiest Boxing day sales ever

Looks like the poor state of the economy is a figment of the opposition’s imagination.

Lydia Anderson at the Herald reports:

Yesterday’s manic Boxing Day sales were the busiest ever, according to new Paymark figures.

Paymark, which processes around three quarters of New Zealand’s electronic transactions, saw a 12 per cent increase in spending on Boxing Day – an additional $14.4 million in retailers’ pockets compared to the same day last year.

In total, Kiwis spent $134.4m yesterday. ?? Read more »

What happened to all the poverty?

After weeks of the mainstream media and opposition politicians telling us we are all poor and should be better off what do we find now?

The Herald takes a break from glum news to report bumper sales in retail.

Eftpos transactions reached record highs today as Kiwi shoppers, filled with “Christmas spirit”, packed out stores around the country.

Just-released Paymark figures show the peak transaction rate for the year – 148 per second, recorded at 12.24pm today – is the highest rate ever and was a significant rise from last year’s peak of 132 transactions per second.

Paymark, which processes about 75 per cent of all electronic transactions in New Zealand, also said spending was up 7.1 per cent annually for December 22 and 23.

Sales numbers had been “massive” all morning today, said Head of Sales and Marketing Paul Whiston.? Read more »