Asia Pacific

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.



  • Consumers
  • Banks
  • Merchants
  • Billers



Population banking level


Number of debit, credit and charge cards per adult


Index to global average


Fully banked

Key statistics


IP launch year

Immediate payments types

Single instance

Initiation & authorization

Bank account, mobile number email, QR code (to launch soon)

ISO 20022

Message standard









% of adults who have a mobile wallet and have used it in the past year

Share of volumes by payments instrument



Spend (USD)

  • Paper-based payments
  • Electronic payments
  • Immediate payments

Immediate payments volume and its share in overall NON-PAPER-BASED transactions, 2018-24f

% of total electronic payments transaction volume


Australia’s IP market is off to a strong start, with further growth forecasted through to 2022. On one hand, the current volumes of paper-based payments — combined with IP acceptance among billers, merchants and banks, plus integration into mobile wallets — means there is a strong foundation for IP traction.

However, low usage of mobile wallets, heavy reliance on cards, and the singular payment type offered inhibits the market’s overall potential.

The message to banks and other Australian companies is clear. Australia’s population is keen to take advantage of the benefits IP offers. Harness this through expansion of IP and continued innovation, and growth figures could be even higher than those projected here.

ACI’s take

With huge growth so far and ambitious plans for the future, Australia presents fertile ground for IP, and innovation in banking and finance.

We are seeing a steady migration of ACH (Direct Entry) volume to NPP, as banks seek to simplify their systems, reduce risk and improve customer experience with IP, aligning with the global trend towards payments modernization. However, customer recognition of NPP and Osko is low, and there has been limited integration of NPP into mobile wallets to date, with cards schemes or global wallets dominating this space.

Realizing the potential of IP will rely on overlay services that can help NPP to truly break out. With the platform generally seen as the rails for most payment types, banks should be confident of long-term success.


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