Transferring money to someone else hasn’t always been straightforward. Or fast. But thanks to the New Payments Platform (NPP), which has been introduced at CUA and many other Australian financial institutions, money transfers are now faster, simpler and smarter. Here are some of the ways it can make your life easier.
1. You can forget your BSB and account number
Let’s face it, you’ve probably never remembered them to start off with. Thanks to NPP you can swap the traditional ‘account details’ for an easy-to-remember PayID. This can be your mobile number, email address or ABN if you're a business. So if you’re getting paid by someone else, just give them your PayID and they can use it to transfer money to your account.
2. It's easier to make sure you're paying the right person
If you’re making a payment to someone else, you want to be sure that the money is going to the right place. This hasn’t always been easy. All it took was one digit out of place and who knows where your money would end up. With PayID, when you want to transfer money to someone else, you’ll be shown their name before you make the payment to confirm that it’s the right person
3. You'll receive payments faster
In the past, if someone was transferring money to you it could take several days for the payment to ‘clear’ from one bank to another and arrive in your account.
But with the new fast payments feature of NPP, the money should be transferred between participating banks in less than a minute - all day, every day.
4. Split payments will become a breeze
Let’s say you’re going on a group trip with some friends and you’re all staying in the same rented accommodation. That would normally mean one person foots the bill, then commences the logistical challenge of rounding up payment from the others.
Well, thanks to NPP you now just give your PayID to your fellow travellers, then they can instantly transfer their share of the money to you. Easy.
5. No mre wrting lke ths
With NPP, when you include a description for a payment you’re making, you have more room to add text. This space for adding a payment reference has traditionally been limited, and a challenge for even the most concise of writers. But with NPP you have 280 characters express yourself, and properly describe what the payment was for.
Looking to find out more about NPP and PayID?Learn more