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Understanding Real-time Payment Dynamics in Australia
  • Babu Pillai
Babu Pillai
Southern Cross University

Corresponding Author:[email protected]

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Abstract

While digital payments have transformed e-commerce, they are not without drawbacks. The most noticeable issues arise from extended payment settlement times and the costs incurred from card fees, largely due to reliance on credit card payment networks.
To address these shortfalls, real-time payments have been introduced by various central banks. Although real-time payment systems have been available for some time and present numerous advantages, their adoption in Australia is still limited. This paper provides an in-depth overview of Australia’s real-time payment network architecture, the New Payment Platform (NPP), including details of its service products and presents several use cases. While the aim is to inspire further innovations in the payment system utilising the NPP platform, the paper also examines the reasons for the limited adoption of real-time payments despite their clear advantages over traditional digital payment methods.