The introduction of open banking to New Zealand is been a long time coming

Our four largest banks -- ANZ, ASB, BNZ and Westpac -- must now be ready to support payments through open banking.

It will allow people to give permission to a third party online retailer, to connect to their banking information, so they don't need a debit card or credit card to make a purchase.

Simplicity Founder Sam Stubbs says it will help protect consumers from hackers and scammers.

He says we have 'steam age' banking security in New Zealand, because banks have under-invested in it for a very long time.