BPay offering instant payments with mobile, email
(2 November 2015 – Australia) Australian payments provider, BPay, owned by Australia's big four banks, will provide the first service on top of Australia's new national payments platform (NPP), allowing individuals to transfer funds to others using just their mobile phone number and email address.
The platform is set to launch in 2017 and will include an 'initial convenience service' (ICS) allowing consumers to immediately make or receive electronic payments. Customers of the 12 financial institutions signed up to the NPP will be able to send payments in real-time to someone's mobile number, email address or ABN.
According to NPP Australia, BPay won the tender to build the service. It will be the first service to run on Australia's new national payments platform, which is being built by Fiserv and Swift.
"A good example would be to say you've got friends buying concert tickets. You type in their mobile phone number into your banking front end and the NPP resolves that phone number into bank account details it has stored," Bpay CEO John Banfield said.
"Then the payment goes through to that person's account in real-time ... and you can have confidence it's gone through to the right person."
All participating banks had committed to have their mobile banking front-ends equipped for the service by the 2017 launch said Banfield.
"It will really be a completely new way to pay," Mr Banfield told Sydney Morning Herald.
"Both business and consumer will be able to pay each other immediately," he said.
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