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Open banking: How to opt in - and out - of the new payment system (www.rnz.co.nz)

submitted 8 months ago by [email protected] to c/[email protected]

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From 30 May, New Zealand's four major banks - ANZ, ASB, BNZ and Westpac - must offer the secure payment service - although some already have it in place.

It allows customers to give a third party (such as an online retailer) permission to connect to their banking information, meaning there is no need to enter credit or debit card details to make a purchase.

Open banking can be used both on retailers' websites and on their mobile app, if they have one

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[–] [email protected] 3 points 8 months ago (1 children)

There are two things here. One is online payments, the other is sharing your data. For online payments, this seems to be a better option that Polipay. And most likely more private than using a credit card.

The data sharing is a whole nother kettle of fish though.

[–] [email protected] 3 points 8 months ago

Yes, it's a slippery slope though. "Oh this is so easy" so you use it. That's step 1. Then "Give us your data for your rewards". Oh, I love rewards! $10 off my groceries a week. Then "Your insurance just doubled".