NZ fintech Qippay secures NZ$25m funding boost

Qippay, a New Zealand-based fintech, has secured a $25 million funding commitment to expand its alternative payment and lending solutions. For retailers, this represents the continued growth of 'open banking' technology that aims to bypass traditional credit card networks. Qippay focuses on account-to-account (A2A) payments, which allows customers to pay directly from their bank accounts. This method typically carries much lower transaction fees for merchants compared to standard credit cards. The investment from All Roads Wholesale Fund will help Qippay scale its infrastructure. While currently focused on the New Zealand market, the expansion signals a broader trend in the South Pacific towards cheaper, faster digital payment methods. Retailers should watch this space as these platforms often integrate 'Buy Now, Pay Later' (BNPL) style features directly into the bank-transfer workflow. This could eventually provide a lower-cost alternative to the high-interest financing programs currently dominating the market. As these fintechs gain capital, they will likely offer more aggressive incentives to attract merchants away from traditional processors.

Source: Finextra — Lending

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