The reality of a cashless society is one step closer after the launch of the nationwide new payment platform on Tuesday.
An initiative of the Reserve Bank of Australia in collaboration with the Payment Systems Board, the infrastructure allows customers to make real-time payments and access transfer funds almost immediately.
Tasmania’s Bank of us is among the institutions to have been involved in the project since it was first announced more than two years ago.
All that is needed to make transfers under the new platform is a mobile number or email address, depending on what is included in a customer’s payment identification profile.
About 60 banks, credit unions and building societies have adopted the platform so far, which is also being used by BPAY as part of its Osko service.
Bank of us chief executive Paul Ranson said it was a landmark moment for banking in Australia.
“I think we will begin to see a lot of government agencies begin to use this, because timely payments can be important for welfare recipients,” he said.
“It will also come in handy in situations like when friends go out to dinner and split the bill.
“Instead of someone saying they will pay later, they can make an instant transfer from their phone.”
The NPP is set to be expanded in the coming months to incorporate data attachments to money transfers. Mr Ranson said the second stage of the platform would enable users to “provide more detail about what their payment includes.”