What is the New Payments Platform (NPP) and why is it important?

The NPP is Australia's faster and more efficient national payments system that was officially launched in 2018 to enable instant online account-to-account payments. It has processed over one billion transactions worth more than $1 trillion by the end of 2021, and now has over 100 financial institutions connected through Australian Payments Plus (AP+).

What products has the NPP introduced to improve digital payments?

The NPP has brought to market several key products including PayID (an addressing service), Osko (an account-to-account direct payments product), and PayTo (a secure direct debit product). These products were designed to create convenient, simple, flexible, and secure payment experiences for Australian consumers.

Why did instant payments startups emerge during the pandemic?

Digital payments experienced a remarkable surge during the pandemic due to the need for socially distanced payments, combined with growing dissatisfaction with conventional payment methods. This created widespread demand for convenient, simple, flexible, and secure payment experiences, setting the stage for instant payment solutions and startups to flourish.

The incredible opportunity in instant payments startups