The country's three biggest banks are teaming up to clear the way for customers to make online purchases using their Eftpos cards.
Currently, online buying requires a credit card to complete the transaction but Paymark is set to launch Eftpos online next year involving ASB, BNZ and TSB banks.
Mark Rushworth, Paymark's chief executive officer, said it will allow banks to offer a new, secure, convenient and simpler way for their customers to pay for online goods and services using their bank accounts and mobile device.
Mr Rushworth said a pilot is planned for late November with the official launch set for early 2015.
Online Eftpos payments work through secure digital "tokens", meaning customers don't need to reveal their financial details (including bank account information) to merchants when they are shopping.