Payments NZ, an independent, non-competitive organization in New Zealand that oversees payment systems, Wednesday released new mobile device rules and standards that will govern the mobile payments system in the country and protect businesses and consumers.

The organization said in a statement the new standards will ensure the integrity, efficiency and security of mobile payments. Payments NZ intends the rules to act as an industry-agreed system for telecommunications companies and banks to follow when they launch new payment options for their customers.

"The new rules help protect the credibility and security of domestic payments, which will give customers greater confidence to use the technology," Steve Wiggins, Payments NZ CEO, said in statement.

Wiggins said customers will be able to choose from a range of payment options. "Today, customers use any card they want to pay for goods. Soon, they'll be able to choose an application on their mobile phone to do the same thing."

When banks and telecommunications companies roll out contactless mobile payment applications later this year, Near Field Communications-capable smartphones and contactless-capable point-of-sale terminals will be compatible. This will work in a similar way to contactless payment options that come with some credit and debit cards now.

Wiggins said Payments NZ consulted widely on developing the standards to ensure they can support future innovation.

"We're confident the rules and standards will meet the needs of emerging technologies this year, as well as maintain the flexibility to respond to new developments in the rapidly evolving market. We're now looking forward to seeing what the industry comes up with in terms of mobile payments," Wiggins said.