What is the instant payment system available in Australia?

The instant payment system available in Australia is the New Payments Platform (NPP). The NPP enables real-time payments for consumers and businesses, facilitating immediate transfers of funds between participating banks. This innovation enhances the efficiency and speed of transactions, allowing users to send and receive money at any time of the day, which is a significant advancement in the payments landscape.

The NPP also supports rich payment information to be included with transactions, making it easier for users to identify and reconcile payments. This platform is designed to enable various payment solutions, and it has gained widespread acceptance among financial institutions in Australia.

Other options listed represent different systems in various countries or contexts. IMPS (Immediate Payment Service) is a real-time payment system used in India. Swish is a mobile payment system primarily utilized in Sweden, and PayNet refers to a payment network in some regions but is not specific to instant payments in Australia. Thus, the New Payments Platform stands out as Australia’s dedicated instant payment solution.