How New Payment Platform Boosts Online Gambling in Australia
Continue reading to learn more about New Payment Platform.
What is NPP?
The New Payments Platform enables funds to be sent and received in real time, through a centralised system that works with a range of financial institutions across Australia.
Introduced in 2018, the New Payments Platform (NPP) offers an enhanced payments experience, including near-realtime (24/7) clearing, PayID identification, and comprehensive payment information.
It is operated by NPP Australia Limited and has an infrastructure layer and a user experience layer called overlay services. The NPP implementation includes the Fast Settlement Service (FSS) on top of RITS for real-time bank settlements, and the first overlay service, Osko by BPAY, enables funds to be transferred between NPP participants around the clock.
How NPP Works
Firstly, to use the NPP, you must have a bank account that supports the payment option. Then, you can transfer money to account numbers or use other identifiers like BSB.
Note, that even though the NPP itself has no limits, your bank institution may set fees and have the restrictions regarding the transaction amount.
Using NPP, you can make transactions only inside Australia. However, the company plans to provide international services in the future.
PayID, which you can read more about in Charles Morey's article PayID Casinos, and Osko are the first two services launched on the NPP.
How NPP Relates to PayID
Fortunately, a more user-friendly and straightforward method of identification has been introduced with the implementation of the NPP. You can now use your email or phone number to identify yourself.
By linking an identifiable bank account to receive payments, it is possible to transfer funds without knowing the recipient's account number. This makes sending digital money easier.
The payment platform displays the recipient's name based on their identifier, helping you confirm their identity. Brands can register different names to make payments easier for customers.
You can also see the names of the people you pay to, reducing the risk of sending money to the wrong account.
NPP is equipped with functions that allow PayID transfers between banking institutions with no impact on the user. You can access the service on a computer or mobile phone, and the user can change the identifiers at your financial institution. Users also have the option to stop payments without closing their bank accounts.
NPP Payment in Australian Online Casinos
Proving that online security is not an issue, fourteen reputable Australian financial services companies work together to design NPP. They monitor and support the payment platform and work under the aegis of the Reserve Bank of Australia to make sure that NPPs are safe to play online.
Casino players can instantly deposit into their gambling accounts from a supported financial institution. Customers can use the service 24/7, including holidays.
Fast Settlement Service facilitates NPP transactions, thus reducing the processing time to access the money you deposit or withdraw from Australian online casinos.
In addition to their bank details, players can be discreet by using other identifiers provided by NPP. However, the new payment platform provides simpler identifiers that can be used to withdraw money from the casino, as it can be difficult to remember an account number.
Other Features for Aussie Players
Osko is the service enabling casino players to make near real-time digital transactions and is available in most Australian banks. Regardless of the time or day of the week, users can transfer money between supported platforms in seconds.
Osko, a payment service owned by BPAY, enables the instant sending and receiving of payments. PayID, on the other hand, serves as an identifier for your bank account, allowing you to transfer or receive funds from any of the New Payments Platform's (NPP) partners, including online casinos in Australia. In essence, PayID functions as an access key to your bank account, while Osko facilitates the transactions.
Concluding everything mentioned above, the NPP services are user-friendly, fast and secure. Thought, a big disadvantage is that users can't make transactions outside Australia.
Despite all the secure measures taken by the payment service, it is always a good idea to take some security precautions yourself. For example, using a strong password and enabling multifactor authentication.
Also, I would like to highlight that the anonymity of the services, you might often hear about, isn't completely true. As when gambling in licensed online casinos, you will still be obligated to verify yourself to make withdrawals.
Alicia Want
Content Expert
Alicia Want knows all the ins and outs of useful and valuable content. Despite no prior igaming experience, she fell in love with pokies machines. Before joining the team, Alicia was an editor at a small Melbourne newspaper but found her calling in the gambling industry.
