Payap will enable users to link existing accounts and scan to make payments through the Centrapay option. Credit: A9 STUDIO/ Shutterstock.

Bank of New Zealand (BNZ) has announced an investment in payments technology firm Centrapay, aiming to amplify their digital payments capabilities.  

Investment amount has not been disclosed.

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This builds on the existing partnership between the organisations, which has resulted in the creation of Payap – New Zealand’s first digital wallet and Point of Sale app that is compatible with all the banks of New Zealand.  

Payap is scheduled for launch in March of the following year. 

Centrapay CEO Greg Beehre will maintain his leadership role at the company.  

Claimed to provide an integration of payment and loyalty experiences, Payap will allow users to manage their finances. 

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Payap will enable users to link existing accounts and scan to make payments through the Centrapay option, whether in-store, online, or on the move.  

Payap will also serve as a ‘cost-effective’ digital payment solution for businesses, compatible with existing EFTPOS or PayClip terminals. 

Beehre said: “With BNZ’s support, we can go further, faster. This enables us to continue delivering for our clients and partners while accelerating growth and development,” says. 

BNZ CEO Dan Huggins expressed that the investment builds on its current payments and open banking infrastructure. 

“Payment technology continues to evolve rapidly, and our partnership with Centrapay helps further position us to serve our customers’ changing needs.” 

Earlier this month, BNZ has also completed the acquisition of BlinkPay, New Zealand-based open banking fintech company.  

The financial details of this transaction were not disclosed. 

This deal will help drive BlinkPay’s innovation and broaden its product offerings by tapping into BNZ’s resources and expertise.