The New Zealand Ministry of Business, Innovation and Employment has opened a consultation on whether the rules governing payment services are clear and fit for purpose for businesses and consumers. The review reflects the expansion of payment methods beyond traditional instruments and covers providers including banks and non-bank firms such as fintechs. It asks whether the current framework supports competition and innovation, whether protections for consumers and businesses are adequate, and whether newer models including digital tokens such as stablecoins raise issues not addressed by existing rules. MBIE notes that payment services are regulated through multiple laws and rules, which providers have said can be difficult for newer businesses to navigate and may create barriers to entry. It links the exercise to the Finance and Expenditure Committee’s inquiry into banking competition and the Commerce Commission’s market study into personal banking services, both of which highlighted the need to reduce barriers for newer payment providers to increase competition and choice. The consultation will run for six weeks and closes on 3 July.
Ministry of Business, Innovation and Employment (New Zealand)2026-05-22
New Zealand Ministry of Business, Innovation and Employment launches consultation on payment services rules covering competition consumer protection and stablecoins
The New Zealand Ministry of Business, Innovation and Employment has launched a consultation on whether the current multi‑law framework for payment services remains clear and fit for purpose for banks and non‑bank providers, including fintechs. It seeks views on the framework’s impact on competition and innovation, the adequacy of protections for consumers and businesses, and whether newer models such as stablecoins raise issues not covered by existing rules, in light of recent inquiries into banking and personal banking services.