Kent Duston: Banking Reform Coalition Convenor on the Reserve Bank report about the need to modernise the bank payment system

New Zealand's being labelled as stuck in the 90's when it comes to bank payments.  A Reserve Bank report has found our system is reliable for many users but is falling behind global standards.   It says consumers could benefit from new smartphone payment methods including instant payments, request to pay, and QR codes.  Banking Reform Coalition Convenor Kent Duston told Mike Hosking it already works this way in more than 120 countries.  He says if you go out for dinner and split the bill, the money will appear in a person's account instantly.  Duston told Hosking banks have been paying shareholders large dividends instead of reinvesting in systems, describing the tech we use as scrap metal with blinking lights.  LISTEN ABOVE  See omnystudio.com/listener for privacy information.