The Australian Payments Industry has long had the benefit of a robust and mature set of national payment clearing and settlement systems that facilitate the movement of money and the eventual exchange of value between financial institutions in Australia.
In the decades since the systems were first implemented, global standards have evolved, consumer and business expectations have changed and threats of disruption to the industry have emerged. Thus, the second decade of the twenty-first century provides motivation and incentive for the Australian Payments Industry to create, promote and operate a new platform for electronic payments. The goals of this New Payments Platform (NPP) are quite specific, and the achievement of these goals will open the payments landscape to a host of service providers and innovators.
This paper provides an overview of what the NPP is, and what it proposes to achieve. The various players in the creation and governance of the NPP are introduced, and some opinion on the implications for the Australian payments landscape is offered. Finally, it is proposed that a rich field of opportunity is now to be presented to third parties in the industry, and potential avenues for innovation are discussed.
Tags: Mobile payments, Whitepaper
This post was written by Mark Hume-Cook