The banks in Australia have been working towards improving the inter-bank payment system. The website is here. Although there has been a little publicity (NAB were publicising it as far back as December 2015), so far there doesn’t seem to have been big fuss about it, but there are signs that it’s coming.
The ABC ran a report on it a little while ago, highlighting some of the issues that might be involved. One issue identified is that once a transfer instruction is given, it’s irrevocable. This seems logical; after all, if the payment is made virtually instantaneously, it’s a bit hard to expect the bank to be able to reverse it. Similar to handing over cash, really .
The NPP website has a section dealing with scams. Obviously, these are always a risk with any payment system and they’ll still be around with the NPP.
NAB sent me some revised Terms and Conditions setting out changes to the terms of various transaction accounts. However, these were mostly concerned with the “fine print”, and weren’t really concerned with “selling” the new system.
My hunch is that we’re going to hear quite a lot about the NPP in future months, presumably stressing its advantages, being faster payments and simpler identification. In fact, I think there was a TV advertisement about it the other day? Given that we’re in the 21st century, the NPP is kind of inevitable.