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Mobile payments service to go live this year

Sarah Putt | Feb. 28, 2013
A mobile payments platform being designed by Paymark and the three mobile telcos is expected to go live later this year.

New Zealand Retailers Association CEO John Albertson reminded delegates that the payment's part of a transaction was usually the smallest part. He says the retail sector in New Zealand is worth $70 billion, but the sector has suffered following the Global Financial Crisis of 2008 with average retail margins cut in half from six percent to just three percent since then.

Albertson says that smartphone technology is changing the retail experience, turning shoppers into pre-purchase experts (they can instantly research the product -- including its price and availability elsewhere) and become post-purchase commentators (for example tweeting a good or bad experience).

 

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