Australia

The Reserve Bank of Australia and its Payments System Board (PSB) launched the New Payments Platform (NPP) in 2018. As of Q3 2023, 110 banks, credit unions, building societies, and fintech companies participate in the NPP system, but despite this wide coverage, real-time payments account for only 6.1% of the total payments volume of transactions in 2023. The high preference for payment cards and limited use cases for NPP remained key obstacles hindering the overall growth of real-time payments in the country. NPP is trying to improve the situation by launching new use cases such as PayTo, a digital payments solution developed by AP+, a joint venture between eftpos, New Payments Platform Australia, and BPAY. The PSB recently refreshed its strategic priorities to advance payments reform, promote accessible digital payments, and enhance cross-border payments.

By 2028, real-time payments are expected to account for 9.5% of overall transactions by volume. However, the announcement from Australian Payments Plus to migrate the bulk electronic clearing system to NPP and the government’s push for payments reform are expected to ramp up the real-time payments volume.