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Change Financial bolsters its New Zealand expansion
Tue, 18th Apr 2023
FYI, this story is more than a year old

Brisbane-based global fintech and payments as a service (PaaS) provider, Change Financial (Change), has bolstered its expansion into the New Zealand market, signing Credit Union Auckland (NZCU Auckland) as a new card issuing, processing and management client. 

Additionally, First Credit Unions new Mastercard debit cards, which are issued by Change, are now in circulation.

First Credit Union is one of New Zealand's largest credit unions, which went live on Change's Vertexon (PaaS) platform for card issuing this month. In addition, Nelson Building Society and Police Credit Union, which signed with Change in 2022, are in the process of final testing before going live.

Change Financial Chief Executive Officer and Managing Director, Alastair Wilkie, says that the company has long been committed to addressing the under-serviced New Zealand market and recognises its potential as a global hub for payments growth and innovation.

"New Zealand payments lag behind other key markets such as Australia and the US when it comes to consumers being able to access cards and modern payments features like digital wallets and BNPL capabilities," Wilkie says.

"Since we began creating our PaaS offering in 2021, we have been bullish in our approach to addressing this inequity by working with small to medium banks, non-banks, fintechs and financial institutions, to allow them to offer card payment services, which have become the global standard," he says.

It comes as the latest Global Payments Report from FIS (March 2023) noted a growing use of cards over the last year, particularly credit cards, with global transaction volumes increasing by 6% for eCommerce and 12% at point of sale.

"In New Zealand in 2022, credit and debit cards accounted for 51% of all e-commerce payment methods and 79% of all point-of-sale payment methods," WIlkie says. 

"This figure is expected to rise over the next five years as the market continues to do away with cash, making it fundamental for smaller banks, non-banks and fintechs to offer cards to customers," he says.

NZCU Auckland has approximately 4,000 active cards in market that will be transitioned across to the Vertexon platform, which is in addition to the more than 35,000 existing cards being transitioned from First Credit Union, Nelson Building Society and Police Credit Union, as announced in 2022.

"Onboarding NZCU Auckland allows us to continue expanding into the New Zealand market and it facilitates the further growth of this under-serviced market by ensuring that there is greater access to card services and the latest payments innovations nation-wide," Wilkie says.

Change will begin onboarding NZCU Auckland this quarter with launch anticipated late 2023.