BNZ says it's launching PayClip technology that will enable businesses to use smartphones as mobile credit and debit card payment machines.
The bank says this will help businesses people on the move to get paid quickly.
BNZ says PayClip, attaches a card reader to most Android and iPhones, which will let businesses "quickly and securely" receive payment from Visa and Mastercard credit and debit cards wherever they have access to data via third and fourth generation mobile phone technology and wifi.
The PayClip technology was developed by Australian firm Mint Wireless. BNZ says it's the first New Zealand bank to offer such technology to businesses.
In a statement BNZ's head of small business, Harry Ferreira, noted managing cash flow while awaiting payment can be one of the "biggest pain points" for small and medium businesses.
"This technology allows businesses to take payments on the spot and funds will be in their account as early as the next business day," Ferreira said.
"Receiving funding earlier has a massive effect on small and medium businesses, not least of which, is reducing the costs associated with debt funding the shortfall between delivering a product or service and receiving payment."
BNZ says it has also become the first New Zealand bank to let common payments be approved from customers' mobile phones via the bank's mobile banking for business app.
In terms of PayClip, BNZ said customers can pre-register, with PayClip expected to be available from October.
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