A new app coming in March could transform the way New Zealanders send and receive money

Backed by BNZ, Payap follows the trend of other countries, offering contactless payments in-store and online through the use of a QR code.

Consumers use the app to scan the code in-store or online to pay for goods and services, and transfer between linked accounts.

BNZ's Ross Jackson says most EFTPOS terminals are already capable of running the QR code system.

He says the first focus is getting businesses on board, before the launch to consumers next year.