Several Australian banks and financial institutions are working together to create the AUD1bn ( $ 770 m ) New Payments Platform Australia ( NPP ##A ) to support new payment technologies . In addition to real - time transfers , the platform aims to provide simpler identifiers , like mobile numbers , and offer more space for messages in exchange . Despite high levels of security on the platform , banks must remain vigilant and employ systems to identify unusual transactions , said NPP Australia CEO , Adrian Lovney . Already the Australian public has embraced electronic payment methods – chip cards (particularly contactless or “wave and pay” technology), BPAY, and new technologies such as smartphones,” NPPA chief executive, Adrian Lovney said. The platform is being tested by staff before being rolled out to the public .
Several Australian banks and financial institutions are working together to create the AUD1bn ( $ 770 m ) New Payments Platform Australia ( NPP ##A ) to support new payment technologies . In addition to real - time transfers , the platform aims to provide simpler identifiers , like mobile numbers , and offer more space for messages in exchange . Despite high levels of security on the platform , banks must remain vigilant and employ systems to identify unusual transactions , said NPP Australia CEO , Adrian Lovney . The platform is being tested by staff before being rolled out to the public .