NPP will 'fall by wayside' without public sector support, Worldpay warns
The painfully slow transition from legacy system to new payment rails continues as the public sector drags its feet.
As plans stall to shut down an ageing but critical piece of Australia's financial infrastructure, the payments industry has urged federal and state governments to back the nation's real time payment rails by actually using them.
Colin Baines, the Australia and New Zealand manager of USD24 billion fintech Worldpay, said the painfully slow transition to the New Payment Platform (NPP) meant it risked obsolescence without more support, especially from the public sector.
"The NPP needs to ramp, and it needs to ramp with significant scale in 2026 or we really are entering a position where it will fall by the wayside because it just hasn't got that consumer velocity," Baines told Capital Brief.
"If this is our national scheme built for us, why isn't the government processing more transactions, both federally and at a state level, through the NPP?"
