While Australia’s platform has only been in place since 2018, there has been pronounced YOY growth of 277% and widespread consumer adoption, as banks and the government move to ensure a less cash-reliant country.
At present, there is one active IP platform in Australia. NPP was launched by the Reserve Bank of Australia along with 13 members of the financial services industry.
Now, 85 banks, credit unions, building societies and fintechs use the platform to offer IP, and to allow customers to link personal information to bank accounts and transfer funds using a system called PayID. Currently, there are three initiation methods (bank account, mobile number and email), with a fourth (QR code) planned to go live soon.
Despite its relative IP infancy, Australia has already taken big steps toward continuous improvement in user experience. This includes Osko, a digital overlay service that uses NPP to offer immediate P2P payments via the user’s regular internet or mobile banking service, inputting 280-character messages with their payments (including emojis) as they transfer funds.
Innovation like this is expected to propel Australia further, with a healthy 48.7% five-year CAGR.