Four Major NZ Banks Join Visa Agentic Ready Programme While Westpac Aligns With Mastercard
New Zealand's four largest retail banks have joined Visa's Agentic Ready programme and can now handle AI-driven agent-initiated payments using existing tokenisation and risk controls.
"That is why ANZ is part of this work, to help customers on both sides of the transaction participate safely and confidently as commerce changes."Anna Livesey, GM Retail Products, ANZ NZ
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New Zealand's four largest retail banks have joined Visa's Agentic Ready programme and can now handle AI-driven agent-initiated payments using existing tokenisation and risk controls.
Visa country manager David Peacock highlighted the readiness of ANZ NZ, ASB, BNZ and Kiwibank on 30 April 2026. The programme expanded to New Zealand as part of the Asia-Pacific rollout that brought in more than 85 issuers across ten markets.
Westpac took a different route. The bank completed New Zealand's first fully authenticated agentic transaction in February 2026 with Mastercard's Agent Pay solution for a cinema ticket purchase.
The divergence means New Zealand's five major retail banks are now split across two competing agentic payment frameworks — four aligned with Visa's trust-layer infrastructure, and Westpac pursuing Mastercard's Agent Pay path.
AI illustration of an agentic commerce network, representing the infrastructure now enabled by New Zealand's four largest retail banks under Visa's Agentic Ready programme. AI illustration · EconomicNews.nz
Bank executives stress consumer control
ANZ NZ general manager retail products Anna Livesey said customers will benefit from continued growth of AI whether shopping as the card holder or as the business selling goods.
"That is why ANZ is part of this work, to help customers on both sides of the transaction participate safely and confidently as commerce changes."
ASB general manager enterprise payments Carl Garrett said: "Agentic commerce is an exciting evolution in payments innovation. Taking the hassle out of the entire journey of searching for what you want to buy, choosing, and then purchasing in one secure and seamless flow — transforming the payments experience for consumers."
BNZ executive customer products and services Karna Luke said the testing shows the bank is well down the path to enabling emerging payments.
Kiwibank head of everyday banking products Simon Pond said the bank sees the opportunity to support customers while maintaining clarity, control and trust.
Market scale and New Zealand context
Global forecasts point to substantial volumes. McKinsey projects $3 trillion to $5 trillion in orchestrated global retail spend by 2030. Other estimates range from $1.7 trillion to as high as $9 trillion when including broader online activity.
New Zealand's e-commerce market reached approximately USD 3.54 billion in 2026. Kiwis spent $1.5 billion online in the first quarter of 2025 alone, according to the NZ Post Business IQ eCommerce Report.
AI illustration of the merchant acceptance gap: New Zealand's small retailers and acquirers face an estimated 18–36 month lag before agentic commerce infrastructure reaches the shop floor, mirroring the delayed adoption curve seen with contactless and tokenisation rollouts. AI illustration · EconomicNews.nz
Global Agentic Commerce Spend Projections by 2030
Estimates vary widely depending on scope of activity included.
Source: McKinsey, Edgar Dunn and Company, ARK Invest
Acceptance side and regulatory pace
Visa noted that merchants, platforms and acquirers have yet to fully adapt to multi-seller automated journeys. Early testing remains limited to single-seller environments.
The Reserve Bank of New Zealand oversees the payments system but has not issued specific agentic-commerce guidance. Its focus remains on stability, competition and consumer protection.
Success will depend on merchant APIs, pricing signals and fraud models that recognise agent identities. Historical rollouts of contactless and tokenisation showed issuers leading and acceptance following with an 18-to-36-month lag.
Over the next 12 to 36 months the shift could affect household consumption, credit-card revolving balances and competition from non-bank lenders. Persistent acceptance friction risks leaving smaller merchants with less visibility while large platforms integrate first.
The four banks' participation signals coordinated infrastructure investment at a time when market-driven innovation continues to outpace formal regulatory frameworks.
