Payments made over the New Payments Platform (NPP) are domestic bank transfers, or electronic funds transfers, made from one Australian bank account to another in approximately 6-15 seconds.
These faster payments can work hand-in-hand with technological advancements to speed up commerce, allowing businesses to keep up with today’s consumer expectations.
Adding to the methods already in place, such as BPAY®, credit and debit cards, and direct entry, the NPP provides more ways to pay and get paid digitally.
Gone are the days spent waiting for a payment to arrive with the ability to receive and make payments in real time.
Make the information needed to make a payment easy to remember by linking an email address to a bank account with PayID.
A 280 character limit allows for detailed transaction descriptions making these recognisable for the recipient and easy to reconcile.