ISSUE
Friday, August 22, 2025
Volume 16 . Issue 73
If you’re used to paying for most of your expenses with eftpos, make sure you carrying cash with you when out and about today, Wednesday, June 1.
Hundreds of retailers will be reduced to cash-only trading today as Paymark begins the process of disconnecting non-compliant eftpos terminals from its network.
Following mounting concerns over card fraud in the country, the upgrades to chip-based technology are required to meet new global security standards in time for the Rugby World Cup.
Paymark, which processes about 75 per cent of the country's electronic transactions, said yesterday it would disconnect about 650 terminals today, with further disconnections during June and July.
To date more than 4000 terminals are yet to be upgraded to the new technology, the company told the New Zealand Herald.
The company said yesterday that it expected to only disconnect about 500 retailers from the network today, after receiving a flurry of calls from retailers to its helpdesk.
"The last thing we want to do is stop people trading. We have attempted to contact those who have not upgraded many times, including informing them of the exact week in which their terminal will cease to operate,” Paymark chief executive Simon Tong said.
“If you continue to use an old terminal you can expect it to stop working very shortly.
"On the plus side we've had over 110,000 terminals upgrade over the past 18 months which is a phenomenal effort by the retail community. Well over 98 per cent of all transactions are now being carried by compliant terminals," he said.
If you’re used to paying for most of your expenses with eftpos, make sure you carrying cash with you when out and about today, Wednesday, June 1. Hundreds of retailers will be reduced to cash-only trading today as Paymark begins the process of disconnecting non-compliant eftpos terminals from its...
If you’re used to paying for most of your expenses with eftpos, make sure you carrying cash with you when out and about today, Wednesday, June 1.
Hundreds of retailers will be reduced to cash-only trading today as Paymark begins the process of disconnecting non-compliant eftpos terminals from its network.
Following mounting concerns over card fraud in the country, the upgrades to chip-based technology are required to meet new global security standards in time for the Rugby World Cup.
Paymark, which processes about 75 per cent of the country's electronic transactions, said yesterday it would disconnect about 650 terminals today, with further disconnections during June and July.
To date more than 4000 terminals are yet to be upgraded to the new technology, the company told the New Zealand Herald.
The company said yesterday that it expected to only disconnect about 500 retailers from the network today, after receiving a flurry of calls from retailers to its helpdesk.
"The last thing we want to do is stop people trading. We have attempted to contact those who have not upgraded many times, including informing them of the exact week in which their terminal will cease to operate,” Paymark chief executive Simon Tong said.
“If you continue to use an old terminal you can expect it to stop working very shortly.
"On the plus side we've had over 110,000 terminals upgrade over the past 18 months which is a phenomenal effort by the retail community. Well over 98 per cent of all transactions are now being carried by compliant terminals," he said.
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