Utilising Change's Vertexon technology, the payment API sandbox will allow fintechs to test their digital card products and services, and improve their effectiveness and efficiency, while mitigating any arising issues.

According to the March 2022 Global Payments report, the demand for digital and physical card payment capabilities is set to rise in New Zealand as the e-commerce market is projected to grow by 38 per cent between this year and 2025, reaching US$8.8 billion.

Alastair Wilkie, Change CEO and managing director, said that while the firm’s payment API sandbox is accessible internationally, it is “particularly important for the New Zealand payments market as it is the first of its kind,” which will allow New Zealand fintechs access to this technology.

Finsoft chief executive, Helen Hatchard, said that the new payment API sandbox will “help accelerate the development” of their digital services and aid growth for their New Zealand clients through “innovation supported by thorough and sophisticated development and testing.”

“This announcement is great news for businesses across New Zealand that are looking for physical and digital card solutions as it will provide non-bank lenders and mutuals with access to technology, previously only available through the major banks,” Ms Hatchard said.

The increase in demand for faster and more innovative payments in order to make it possible for people and business to better integrate their physical and digital worlds, was noted by the 2021 Environmental Scan Report from Payments NZ.

“Change acknowledges that the New Zealand payments space is lagging the rest of the world, and innovations like these provide fintechs with greater access to fast, reliable and well-integrated solutions that can ultimately benefit consumers,” Mr Wilkie concluded.