PayTo gains momentum as Red Energy adopts real-time billing
Red Energy has become the first major Australian institution to adopt the NPP’s PayTo feature, enabling real-time, secure bill payments directly from customer bank accounts.
The take-up of real-time payments to replace Australia’s ageing direct debit system has taken a major step forward, with the first major institutional client signing on.
Red Energy, owned by Snowy Hydro — and together with sibling Lumo Energy, the fourth-largest energy retailer in Australia — has begun offering the New Payment Platform’s (NPP) PayTo feature for bill payment.
Announcing the news exclusively to Capital Brief, Red Energy’s retail financial controller Anthony Young said the option allows customers to initiate and settle real-time bill payments directly from their bank accounts, providing greater control and transparency over their payments.
“We're looking to embrace the technology that will help (shift to real time payments) more broadly,” he said. “We see the New Payments Platform (NPP) and PayTo as something that will essentially change the industry moving forward. And so getting an early start on that just seemed logical for us.”
