Adrian Lovney, chief executive of NPP, said the changes in the new system could address the "pain point" that users pay around the direct debit account. (<Sydney Morning Herald> Picture)
In the next step in the rapid payment system platform to improve service capabilities, consumers will be able to cancel fixed-term items set up in their bank accounts, such as fitness fees or media subscriptions.
These innovations will be launched by the end of 2021, according to the Sydney Herald Morning News>, allowing regular billing payments to be linked to their mobile phone numbers, rather than bank accounts or credit cards. It will also be easier to change bank accounts.
(NPP), the new payment platform, is an infrastructure launched last year that allows for near-real-time digital transfers, the biggest reform of Australia`s payment system in 20 years.
At present, NPP allows consumers to remit money to another person or to an enterprise with an Australian bank account. The previous transfer would take three days.
On Monday, NPP released a development plan "Roadmap", noting that the plan would enter a payment initiated by non-account holders, such as a gym or a regular service charge set by a subscription firm.
Under the plan, consumers will be able to gain more control over such direct debit payments, including the ability to easily track which companies are making deductions from their accounts and to close them if they are willing.
Lofney (Adrian Lovney), chief executive of NPP Australia, said customers often find it difficult to see all signed direct debits, and canceling these payments requires separate contact with each merchant. The new system is designed to address these pain points.
"over time, you will be able to see these records," Lovney said. "if you decide not to go to that gym again, you can change these projects."
In terms of long-term development, these new features will eliminate the hassle of rearranging direct debit and credit cards. To resolve the customer`s need to change the repayment of the bank account.
NPP will allow people to receive and pay through PayIDs such as cell phone numbers or e - mail addresses instead of entering their BSBs and accounts.
A 2016 federal parliament banking survey showed that if PayID was used for regular payments and payments, change payments were "as simple as change links."
The NPP`s expansion plan is made by the Reserve Bank, which has repeatedly criticized the banks for dragging their customers out of the new system. But the "Roadmap" shows that NPP now handles a $750 million payment a day, and Mr. Lovni said that NPP has reached a capacity limit.
In addition to allowing subscription payments to be made through NPP, planned changes starting at the end of 2021 will allow enterprises to authorize automatic payments, such as salary to employees.
The Roadmap also sets a standard plan for the projects under development to allow enterprises and government users to send more data containing payments, such as pension, taxes and invoices.
