Stacked (Lightning Pay NZ) Review

Stacked is for Kiwis who:

• Want to buy and use Bitcoin specifically, not crypto broadly
• Are interested in Lightning Network payments and instant low-cost transactions
• Want self-custody without managing technical Lightning infrastructure
• Are building a Bitcoin standard lifestyle in NZ - spending, saving, and earning in BTC

It is not for:

• Anyone who wants to buy Ethereum, Monero, or altcoins
• Beginners who want a simple NZD to crypto on-ramp with broad coin selection
• Traders who need order books and advanced trading tools

If none of the above fits, see our How to Buy Crypto in NZ guide →

Stacked is a New Zealand-based Bitcoin-only financial platform. Following its 2026 rebrand from Lightning Pay, the service expanded from a payment gateway into a full-suite Bitcoin app with self-custody, bill payments, and exchange services.

Founded in 2023 by Rob Clarkson, Brandon Bucher and Simon Collins, Lightning Pay NZ was recognised as Startup of the Year at the Web3NZ Community Awards in 2024. Stacked has also spearheaded Bitcoin advocacy in NZ, including early parliamentary engagement and support for local Bitcoin infrastructure initiatives.

While most NZ crypto platforms offer broad coin lists, Stacked's Bitcoin-only focus enables dedicated Lightning integration, Bitcoin-native education, and merchant tools that generalist exchanges do not match.

Core services include:

• Bitcoin for savers: DCA options, education, and long-term storage approaches focused on Bitcoin's monetary properties.
• Lightning payments: Instant, low-cost Bitcoin transactions for everyday spending.
• Merchant solutions: Tools for NZ businesses to accept Bitcoin while optionally receiving NZD.

What is the Lightning Network?

The Lightning Network is a layer-2 payment protocol built on Bitcoin. It enables instant, low-cost transactions while inheriting Bitcoin's security model. Think of it as a payment layer that processes activity off the main chain, then settles final balances on Bitcoin's base layer.

How it works

Lightning uses payment channels between users. Two parties open a channel by locking Bitcoin in a shared wallet, then transact instantly with minimal fees. Payments can route through multiple channels to reach recipients anywhere on the network. The protocol prevents intermediaries from stealing funds in transit.

For example, if Alice pays Charlie but has no direct channel, the payment may route through Bob, who connects to both. HTLCs (Hash Time-Locked Contracts) ensure funds only reach the intended recipient or refund automatically.

Key advantages for New Zealanders

• Instant settlement: Confirmations in milliseconds, practical for retail and online use.
• Low fees: Typically under one cent per transaction, making small payments viable.
• Global access: Works the same worldwide without traditional cross-border payment friction.

Lightning Network security

Lightning channels are backed by real Bitcoin on-chain, secured by proof-of-work. HTLCs add safeguards so payments reach only intended recipients. Modern implementations handle channel monitoring automatically. Stacked's infrastructure adds further operational security for users who rely on its hosted services.

Creating a Stacked account typically takes 1-24 hours including verification. You need valid NZ ID (driver licence or passport), proof of address from the last three months, and a NZ bank account for deposits and withdrawals. Stacked complies with NZ AML and KYC rules and collects only what regulations require.

When we set up our account, we were prompted to link a bank account via Akahu open banking. This is now common in NZ for instant, low-fee funding instead of slow manual transfers. Akahu is an NZ open banking provider used as the industry standard for account verification - Stacked does not directly access your banking credentials.

That said, linking a bank through a third party early in onboarding may feel intrusive if you prioritise privacy. If you are uncomfortable with open banking, this may not be the right platform for you. Some users mitigate risk by using a dedicated bank account with limited funds for crypto activity.

Enable two-factor authentication with an authenticator app rather than SMS to reduce SIM-swap risk. Use a unique, strong password and consider a dedicated email for crypto accounts. Stacked recommends hardware wallets for larger holdings, though custodial and in-app self-custody options suit smaller everyday amounts.

Stacked supports one-off Bitcoin purchases and automated DCA. Bitcoin can arrive in your Lightning wallet in minutes rather than waiting on mainnet confirmations.

The buying flow is straightforward. Stacked walks you through wallet compatibility and a short knowledge check on Bitcoin and Lightning basics before your first buy. You enter a Lightning address, choose an amount, and complete payment. In our testing, Bitcoin arrived in about 1-2 minutes - far faster than typical on-chain purchases and quicker than many NZ retail exchanges.

The April 2026 Stacked app includes a built-in self-custodial wallet, so you no longer need a separate third-party Lightning wallet for basic use. Test with small amounts first while you learn the flow.

Lightning offers real advantages, but New Zealand users should understand the trade-offs before relying on it.

Technical limitations

• Channel liquidity: Lightning requires inbound and outbound liquidity. If channels are unbalanced, payments can fail. Non-custodial users face more complexity than on a standard Bitcoin wallet.
• Large payments: Lightning suits small, fast payments. Large transfers may fail or route poorly when network liquidity is thin.
• Failed transactions: Payments can time out due to routing issues, congestion, or channel state - unlike on-chain Bitcoin, which is deterministic once confirmed.

Custodial trade-offs

• Not always self-custodial: Beginner-friendly Lightning wallets are often custodial. You do not hold private keys, which adds third-party risk despite convenience.
• Backup complexity: Non-custodial Lightning backups are harder than a single seed phrase. Losing a device without a proper channel backup can mean lost funds.

Practical limitations in NZ

• Privacy is not perfect: Lightning improves privacy over on-chain Bitcoin or cards, but it is not anonymous. Routing nodes and custodial services may see metadata, and KYC still applies.
• Internet dependence: You need a stable connection to send or receive. Rural outages or connectivity issues can interrupt access unlike cash.

Stacked charges 1% to buy or sell Bitcoin. Lightning Network transactions typically cost less than one cent. The fee structure is published on their site with no hidden charges we could identify during testing.

• Buy/sell: 1%
• Lightning sends: under $0.01 NZD equivalent in most cases
• Minimum purchase: $10 NZD