How the NPP will revolutionise personal banking

article header

Ever wanted to pay your bill with emojis? The New Payments Platform is slowly rolling out across Australia, and it’s going to revolutionise the way we bank.

The New Payments Platform (NPP) allows Aussies to make instant, “real-time” payments through online and mobile banking. These real-time payments can be made between one or multiple people, seeing an end to waiting up to three business days for a transaction ever again.

How does the NPP work?

The New Payments Platform is active 24 hours a day, 365 days a year, and is backed by the Reserve Bank of Australia. This allows for transactions between two or multiple people to be received in under a minute, with complete security.

Not only will payments be received in real-time, but no longer will you need to know someone’s BSB and account details to send them money. All you will need moving forward is a ‘PayID’.

When the NPP is rolled out, your bank, credit union or building society will ask you to link a PayID to your account.

A PayID can be:

  • Email address
  • Mobile number
  • Australian Business Number (ABN)
  • Australian Company Number (ACN)
  • Australian Registered Body Number (ARBN)
  • Australian Registered Scheme Number (ARSN)

Changes we can expect with the NPP

  1. Instant salary or Centrelink payments

We’ve all experienced the frustration of waiting for our salary to come into our account on one day, only to have to wait another business day or two thanks to delays between different banks.

When you’re living pay cheque to pay cheque it can be an incredibly stressful experience, especially if you have a bill scheduled for a specific date and you’re hit with a late payment fee. The NPP will allow anyone sending you money to do so in real-time, meaning you’ll never be ‘punished’ for banking with another organisation again.   

  1. No more awkward bill moments

It’s no secret that most of us can’t remember our BSB or bank account details. If you’re footing the bill at dinner, no longer will you be put in the awkward position of trying to chase people up for money. All you’ll need to do is provide your fellow diners with your PayID (mobile number, email address) and the money will be instantly back into your account. 

  1. Attach documents and pay with emojis

When you make a transaction through PayID, you will now be given the option to attach documents to the payment. This is good news for Aussies doing any invoicing, including freelancers and tradies, as it ties your payment easily to your important receipts and papers.

And on a fun note, you will now be able to include emojis in your payment descriptions! However it’s up to you how you decipher what emojis are for which transactions.


^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

Compare your product with the big 4 banks, or add more products to compare
As seen on