A warning there are drawbacks to instant payments as Labour vows to make it possible 24/7 by 2030. 

The party wants to bring more competition to the sector helping fintech companies take on the big four banks. 

Part of Labour's plan to achieve this is by introducing e-money licences for businesses offering services like digital wallets and payments.  

Massey University Financial Professor Claire Matthews told Andrew Dickens that currently, if you're subject to scams there's a small window to get the money back. 

However, she says, when you have real-time payments, that's gone. 

LISTEN ABOVE 

A warning there are drawbacks to instant payments as Labour vows to make it possible 24/7 by 2030.&nbsp;
The party wants to bring more competition to the sector helping fintech companies take on the big four banks.&nbsp;
Part of Labour's plan to achieve this is by introducing e-money licences for businesses offering services like digital wallets and payments. &nbsp;
Massey University Financial Professor Claire Matthews told Andrew Dickens that currently, if you're subject to scams there's a small window to get the money back.&nbsp;
However, she says, when you have real-time payments, that's gone.&nbsp;
LISTEN ABOVE&nbsp;

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

Early Edition with Ryan Bridge

Claire Matthews: Massey University Financial Professor on Labour's banking policy

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/85bd04e4-5cfb-40c5-8f0c-b4dc0174d4bc/transcript