Paymark has been sold off by the four banks which jointly owned the payment service.
ANZ, ASB, BNZ and Westpac NZ each owned 25 percent of the shares in the EFTPOS provider, but announced about a year ago they were going to sell it to French company Ingenico.
Dr Claire Matthews from Massey University says the banks are now looking to work independently.
"I think it's likely that individually they may be looking at alternatives to Paymark… by selling it, it releases capital for them to pursue other things they're interested in."
EFTPOS officially launched nationwide in 1989, and Dr Matthews says it's unlikely another joint venture is on the cards for the banks.
"It's not something that you would have happen today… at the time, the banking market in New Zealand was much more cooperative… The reality is they would want to take it in different directions, and reaching agreement on that may have been proving challenging."
Paymark handles about three-quarters of all New Zealand EFTPOS transactions.
The $190 million sale to Ingenico was approved by the Commerce Commission in November 2018.
"The reality is they would want to take it in different directions, and reaching agreement on that may have been proving challenging."