NPP starting to gain acceptance

Banking Day staff Payments, mobile & wallets

The Reserve Bank of Australia's assessment information and transfer system, published this week, covers the 12 month period April 2017 to March 2018 in which the New Payment Platform started running live.

This RBA assessment therefore gave a 'limited activity' reference to the NPP.

However, NPP Australia Limited has shared some updated figures with Banking Day, disclosing a burgeoning level of activity in recent weeks.
 
According to NPPA, there are currently nearly 65 financial institutions offering services via the New Payments Platform, and this is set to grow further in coming weeks.
 
Since launch, more than 1.6 million PayIDs have been created, and as participant services continue to roll-out, this number will also increase.
 
The team from BPAY has also provided some up-to-date statistics on Osko:
•    more than 9.5 million payments worth A$5 billion have already been sent with Osko;
•    the typical Osko payment is $120;
•    four out of every five (80 per cent) of payments are between individuals -  friends, family and to small businesses; and
•    biggest day for paying is Thursday