New Payments Platform in Australia
The National Payment Platform (NPP) will be introduced on Australia Day. It will make real time electronic transactions possible, without needing to know other’s bank details. A mobile phone number, email address or PayID will be sufficient to complete a transfer.
NPP is an important financial development of a new payment system introduced before only in a few countries. The benefits of using NPP are obvious: bank customers will no longer have to wait few days for their funds to clear. Transactions will be done without credit or debit cards – money transfer will be done directly between bank accounts, watched by the Reserve Bank of Australia.
Source: Reserve Bank of Australia www.rba.gov.au