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Briefing
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- New Payments Platform – Australia’s New Payments Platform (NPP), which facilitates real-time payments between different bank accounts through PayID, was launched to public February 13, 2018
- PayID – Enables bank-to-bank transfers using phone number, e-mail address, or Australian Business Number, instead of bank accounts
- Data-Rich Payments – Can include up to 280 characters of data with payment, such as tax information and hyperlinks to documents, compared to banks' 18 character limit
- Limited Accessibility – Available to Commonwealth Bank only upon launch, with 60 other banks, including ANZ, expected to follow
- Overlay Services – Lets businesses and other organizations introduce overlay services, such as new payment experiences and business applications
- Reduced Cash and Check Usage – Cash and check usage declining in Australia, with NPP expected to reduce it further
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