What significant change did Australia implement in 2018?

The introduction of the New Payments Platform (NPP) in Australia in 2018 was a significant advancement in the country’s payment infrastructure. This innovative system allows for real-time payments to be processed between bank accounts, which greatly enhances the speed and efficiency of transactions.

The NPP enables consumers and businesses to send and receive payments instantly, 24/7, using a service called PayID, which allows users to link their bank accounts with easy-to-remember identifiers, such as mobile numbers or email addresses. This change marked a shift towards more digital payment solutions in Australia, aligning with global trends to modernize payment systems.

The introduction of this platform not only improved transaction times but also aimed to foster competition among financial institutions, leading to potentially lower costs and more choices for consumers. It reflects a broader movement in the payments industry towards faster, more secure, and more convenient payment systems.

In contrast, the other options do not accurately reflect a significant change in the Australian payment landscape during that period. For instance, the development of a blockchain payment system was not implemented in the same context as the NPP, and reverting to physical cash transactions would represent a regression rather than a modernization. Additionally, the creation of a national credit card was not a