Paymark is teaming up with Xero to eliminate paper receipts in New Zealand.

The Paymark eftpos network processes more than 75 per cent of all electronic transactions in the NZ retail market.

Xero and Paymark have been working on mechanisms to allow electronic receipts (e-receipts) to flow directly into accounting software and expect to have the service in market during 2015.

Rod Drury, CEO of Xero said NZ is the leading country in online business, with around a quarter of small businesses already using Xero’s online accounting software and half the population using  online banking.

“We have a leading eftpos network and by working with Paymark we can dramatically reduce paper  receipts and save small businesses money and time by accurately and automatically capturing expenses  directly into Xero platform,” Drury said.

“Our vision for New Zealand is to be the world’s leader in electronic business and this is a clear example of  how we can work together to make a real difference. We want this to be open and we are sure  that other accounting and expense management vendors will leverage the work done by Paymark and Xero to fulfil our vision.”

Mark Rushworth, CEO of Paymark says the collaboration presents unlimited opportunity.

“Wouldn’t it be great if, as you leave a taxi, you could simply wave your bank card or phone over the eftpos terminal to complete the transaction, and leave knowing that your e-receipt is instantly expensed in  Xero?

“Revolutionising the way we store and use receipts will streamline many processes. It means no more  waiting for receipts only to put another piece of paper in your wallet that you’ll need to do something with  later. E-receipts will undoubtedly result in ​increased productivity for businesses,” Rushworth said.