Eftpos, the payment system widely used in New Zealand for more than 30 years, is plummeting in popularity. The thought of them disappearing altogether is concerning for some people who don't like using smartphones or want to avoid the extra fees that come with PayWave. But while Eftpos faces an uncertain future, new and cheap forms of payment are starting to emerge. Tom Taylor reports.
I just spent a month in Europe and tapped-to-pay my credit card every I went, from the center of London to a train station in the south of France to a small cafe in Poland - without a surcharge.
Why are they getting away with it in NZ? Are we just too much of a captive market to do anything about it?
I would guess Europe has competition between banks that lead to much lower service charges. Our small market has ample examples of our lack of competition leading to higher prices.