The Co-operative Bank says it is excited to be offering a new way for its customers to pay online as quickly and easily as possible

The Co-operative Bank's launched Online EFTPOS to their internet banking and mobile app customers.

The New Zealand-owned bank has teamed up with digital payments provider Paymark.

According to Paymark's website, this move by Co-op Bank makes it the second bank after ASB to take up online EFTPOS through Paymark.

Co-op Bank says the new service enables customers to shop online for goods and services, and pay using their own money from their own transactional account – rather than using a credit card.

"With online shopping growing exponentially in New Zealand, The Co-operative Bank is excited to be offering a new way for its customers to pay online as quickly and easily as possible," the bank said.

"When a customer shops online at a store offering Online EFTPOS, after adding items to their shopping cart, they can choose Online EFTPOS as the payment method.

"They’ll then get an authorisation message to their mobile banking application or internet banking and once they’ve confirmed the payment that’s it," the bank said.

"Online EFTPOS makes use of the banking app’s own security protocols so users know their money is safe."

Co-op Bank chief executive David Cunningham said making life easier for the bank's customers and "changing banking for good" was what Co-op was all about "and with Online EFTPOS we’re taking this one step further".

Online EFTPOS was developed by Paymark.

“Having The Co-operative Bank on board means we can extend the service to more New Zealanders and give those customers more control over their money and spending," Paymark’s chief executive, Liam O’Reilly said.

"As retail moves more into the online space it’s vital New Zealanders get to move with it, to get the best of what’s on offer."

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment or click on the "Register" link below a comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current Comment policy is here.