[LINK] The New Payments Platform (NPP)

[David Lochrin]

On Wednesday 28 December 2016 12:15:46 Chris Johnson wrote:

> Easy to make payments by phone number - so the currently experienced frequency of making and receiving calls to wrong numbers will approximate the frequency of payments going to the wrong recipient??

Good point... and what legal entity will then have the authority to reverse the payment?  Such a body would surely have to have delegated authority from all the banks?  I assume this wonderful system will only "push" and not "pull" funds to/from other accounts.

Will email addresses and 'phone numbers now be allocated once-only so somebody can't inherit blogs at isp.net.au address when the owner changes their provider?

I can't really see any advantage to ordinary users because transactions under $100 such as the $2.50 coffee are now handled using "pay-wave" and that could hardly be simpler or faster.  At the other end of the scale, most people don't buy $2.5M houses very often and the property-settlement process always requires bank cheques anyway.

Or is the big attraction of this proposal that it reduces the banks' responsibilities re security by interposing a third party?

David L.