A2A

News about Account-to-Account (A2A), PayTo, PayID, BECS and AP+

Historic shakeup? Surcharge ban prompts A2A and crypto challengers

The dominance of card giants and Australia’s big banks’ revenue streams are under threat as the industry readies for structural transformation in the face of a looming debit card surcharge ban and escalating costs for merchants.

Surcharging

Industry to launch A2A consultation and may reset BECS 2030 end date

AusPayNet and Australian Payments Plus (AP+) are about to launch a public consultation about A2A payments, following a raft of issues raised by the Reserve Bank’s damning risk review.

A2A

US mega-bank JP Morgan joins AP+ Board

The world’s biggest bank, US mega bank J.P. Morgan, has joined the Board at Australian Payments Plus (AP+) as it becomes more entrenched in Australian payments.

A2A

Webjet’s Motorhome Republic to offer PayTo via Volt

Webjet’s Motorhome Republic is the latest travel company to launch PayTo in Australia in an effort to reduce card fees, after Australia Payments Plus said it would consider consumer protections later this year.

Fintech

Luxury Escapes signs up for PayID via Azupay

Travel website Luxury Escapes has partnered with Azupay to offer PayID as a payments option for online holiday bookings without card surcharges or manual bank account transfers.

Fintech

AP+ moves to conquer large batch payments hurdle for NPP

Australian Payments Plus (AP+) is designing a solution for large batch payments over the New Payments Platform, after the Reserve Bank of Australia expressed serious concerns about progress.

A2A

Tassie telco saves on chargebacks by running 20% of volume through PayID

Launceston-based challenger telco Launtel is running 20% of its bill payments through PayID across the New Payments Platform and says it’s making significant savings by avoiding card chargebacks and disputes.

Fintech

AP+ moves to connect 13 million accounts to NPP

New Payments Platform (NPP) participants plan to enable another 13 million bank accounts over the next 2-3 years, according to Australian Payments Plus (AP+).

A2A

Chemist Warehouse and others roll out A2A QR payments with ShopBack and NAB-backed Banked – again!

With much fanfare and razzle-dazzle, Chemist Warehouse has again announced the rollout of its long-awaited A2A QR code option for the third time, powered by ShopBack, and NAB-backed UK fintech, Banked (which recently bought Waave).

A2A

Monoova powers international money transfers with Remitly via PayTo

Aussie Fintech Monoova has partnered with Remitly Global to enable international money transfers from Australia through Australian Payments Plus’ PayTo network, with an initial focus on international students.

Fintech

Carsales revs up $30m in sales with real time Monoova

It has taken a while but there appears to be positive momentum towards real time payments in online car sales to address very real customer pain points like having to carry large amounts of cash, or face annoying delays with traditional bank transfers.

Digital & Online

Pyng makes a ripple, but the Waave seems a long way off

Despite all the hype only one Australian Fintech - Pyng - appears to be making small inroads into real time point of sale (POS) retail payments in the Australian market, but it has a very long way to go to challenge the dominant card schemes.

Fintech

Azupay and Gr4vy partner on NPP eCommerce solutions

Azupay has teamed up with US platform Gr4vy to help bring real-time, account-to-account payment solutions to Australian eCommerce businesses.

Fintech

IPF urges immediate action to protect critical payments following damning BECS migration assessment

The payments industry must take immediate steps to protect and regulate fees on critical payments like wages, superannuation, health, welfare and pensions that are being migrated from the aging Bulk Electronic Clearing System (BECS), according to a new report by Independent Payments Forum Australia (IPF).

Regulation

Christian Westerlind Wigstrom - the new kid in town on the AusPayNet Board

In a turbulent time for payments, Christian Westerlind Wigstrom, Co-founder and CEO of Monoova, has been appointed as alternate Director to the Australian Payments Network (AusPayNet), the self-regulatory body for Australia's payments industry.

Fintech

RBA risk assessment slams insufficient industry coordination in BECS closure

The Reserve Bank of Australia (RBA) today slammed the payments industry for lack of coordination over its proposed decommissioning of the 30-year-old Bulk Electronic Clearing System (BECS) which looks after critical account to account payments such as pensions, welfare, superannuation, payroll and bills.

A2A

NPP data is back, led by PayID growth

NPP is back, data quality has been resolved and we can see the progress of NPP once again.

A2A

What happened to my precious data?

Most of you will know that I take the monthly Reserve Bank Australia payment data very seriously.

A2A

Aussie Amazon shoppers can now choose PayTo

Customers shopping on Amazon.com.au can now use ‘PayTo’ to make some purchases directly from their bank account via PayTo, removing the need to provide card details.

A2A

First insights into PayTo growth - slow but steady

PayTo has been around for almost two years now, and new data from the RBA has shown a slow start for life for the real-time, direct debit payment technology.

A2A

Will a surcharge ban help big banks kill their competition?

A lucrative part of the fintech sector that provides competition to Australia’s dominant banks in payments has been upended by the Albanese government’s intention to put an end to rising debit card fees (and surcharging), and a looming Reserve Bank of Australia (RBA) review.

Fintech

Recurring bill payments to help boost NPP real time migration

Shifting enterprise and recurring bill payments to the New Payments Platform (NPP) forms part of a plan to accelerate the migration of transactions onto the real time network, as the industry races towards the proposed closure of the Bulk Electronic Clearing System (BECS) in 2030.

A2A

August RBA Stats: Elements of Account-to-Account Payments

Presented by Peter Drennan, Senior Business Analyst

A2A

The real story on real time

With only five years to run until the proposed closure of the Bulk Electronic Clearing System (BECS), the New Payments Platform (NPP) has just 10% of Account-to-Account (A2A) payments.

A2A