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Keeping Up with New Payment Solutions

By 12 April 2021March 26th, 2023No Comments

Many Australian businesses, consumers, banks and fintechs already use the New Payments Platform (NPP) for sending and receiving payment. The demand will only continue to grow, it’s time to act fast and keep up with new real-time payment solutions.

The New Payments Platform (NPP) is a critical part of Australia’s payments infrastructure. At Azupay, we are focused on helping customers use the NPP to their advantage. As an Australian-made payments technology provider, we are committed to helping Australian businesses, consumers and operations make the most of the NPP.

But it’s a complex landscape. It’s important not to lose sight of the role of banks across Australia. Recent announcements and activity show that the NPP and their upcoming service, Mandated Payment Services (MPS), a ‘pull’ payment system for consumers and businesses, are set to be launched at the end of 2021. With multiple large players, the complexity is only going to increase.

In this ever-changing payments realm, Azupay are future-proofed with state-of-the-art payment systems, technologies and value add services ready for MPS, so Australian businesses and consumers can pay their memberships, subscriptions, utility charges or instalment plan payments instantly with a push of a button on their phones and banking apps.

Azupay is different from other providers, we are consistently bringing new and innovative products and through our Innovation Labs, we not only deliver frictionless access to current and upcoming NPP offerings, but also provide integration specialists with deep payments expertise to support your modernisation journey.

The change is already happening. Customer adoption of PayID in Australia is on the rise, driven by convenience and a better customer experience. Over 6 million PayIDs have been registered, 45% of PayID users are highly engaged and use PayIDs for various scenarios including splitting bills, buying and selling second-hand goods, supported by over 100 participating banks, credit unions, building societies and fintechs that are already connected to the NPP.

Our AzupayID service leverages NPP’s PayID, providing businesses and consumers single-use PayIDs to receive payments in real-time 24/7/365 days, eliminating charge-backs and fraud while delivering straight through reconciliation.

In the end, we just want to make Australian payments faster, safer and smarter for everyone.