The Australian payments landscape is on the cusp of a profound transformation. Katrina Stuart, Anthony Young, Matthew Cheers, Chris Jewell and Trevor Wistaff cast their eyes on the horizon.
As payments stakeholders, thought-leaders and visionaries gathered at the Australian Payments Plus 'Beyond Tomorrow' summit in March 2025, Zepto interviewed a panel of subject matter experts for their insights into what lies ahead for businesses as they map their migration from BECS to the NPP.
With BECS slated for retirement in 2030, ‘BECSIT’ has begun. Early movers like Red Energy and Amazon have already embraced PayTo, bringing a game-changing, real-time payment method to Australian consumers. But even for these early adopters, completely decoupling from Australia’s legacy payment rails will be a years-long journey.
This isn't just an upgrade; it's a fundamental shift. And as these pioneers attest, the time to act is now.
The Dawn of Awareness: A Tipping Point for Real-Time Payments
For many, the NPP, and specifically PayTo, still feels like a distant concept. However, according to Zepto CEO Matthew Cheers, that's rapidly changing.
"The biggest thing that's going to change in the next 12 months is awareness of PayTo and real-time payments more broadly."
Matthew Cheers
This burgeoning awareness is set to fuel a dramatic uptake. Cheers anticipates a "tipping point" where the general public, not just merchants, will embrace these new payment methods, propelling them into widespread adoption. While the evolution of payments has been ongoing, FY26 poised to witness an unprecedented acceleration.
Embracing the Multi-Year Journey: Planning for the Future
The transition to the NPP won't happen overnight.
Katrina Stuart — Executive Sponsor, Move to NPP, at Australian Payments Plus — underscores this reality, describing it as a "multi-year journey." The increasing momentum across the industry reflects a growing understanding among organisations about what this migration means for them and the planning it entails.
"Things aren't going to change overnight," she advises, highlighting the need for businesses to start thinking about the significant change effort involved and to simply "get going, to test and learn."
Katrina Stuart
A critical driver of this awareness and adoption comes from major players that have already entered the PayTo fray. Stuart points to the significance of organisations like Amazon or Red Energy coming on board and generating a powerful halo effect.
“It also creates a bit of a FOMO, spurring other organisations to think about what they need to start doing to get on board the NPP as well. We have the opportunity to do that now while we're five years out from 2030 rather than further down the path when we've got less time. It's all about doing what we need to do now to set ourselves up for the future," says Stuart.
As Zepto has demonstrated with its direct connection to the NPP for PayTo, establishing early leadership is key.
Phased Transitions and Unforeseen Successes
For many, the path to the NPP will be a methodical one.
Anthony Young shares valuable insights from Red Energy’s phased approach. Recognising the introduction of new technology and a new partner, Red adopted a conservative, step-by-step rollout.
"We launched one-off payments about six months ago, and it has been more successful than we expected."
Anthony Young
The roadmap ahead includes integrating these capabilities into their app and customer portal over the next 6 to 12 months, followed by the implementation of recurring payments. This demonstrates that a carefully planned, incremental approach can yield significant early wins.
A Unified Vision: Steering Towards the BECS Retirement
The move to the NPP isn't just about adopting new technology; it's part of a broader, ecosystem-wide migration. Zepto Co-founder and President, Chris Jewell, highlights the Reserve Bank of Australia's (RBA) transparency regarding volumes, particularly around PayTo, and the industry's collective trajectory towards the 2030 retirement of BECS (Bulk Electronic Clearing System). This impending sunsetting of the legacy payments infrastructure necessitates a complete vision, clear articulation, and robust governance.
Jewell stresses the importance of ensuring that the payment products on the NPP, especially PayTo, are "fit for purpose". This means looking beyond existing use cases and envisioning applications that extend deep into sectors like government, payroll, and superannuation.
Zepto, having joined the AP+ Management Committee, is actively contributing to shaping this future, ensuring the NPP framework serves as a "north star" for innovation and efficiency across diverse industries. The move from BECS to NPP is not merely a technical upgrade, but a fundamental shift towards a more modern, efficient, and resilient payment system for Australia.
The Power of Real-Time: Unlocking Unprecedented Opportunity
The excitement surrounding the NPP goes beyond mere functionality.
Zepto Co-founder and Chief Product Officer, Trevor Wistaff, captures the profound implications of bringing together real-time payments, real-time settlement, non-repudiation, and digital identification.
"Start bringing all those things together, and it creates this really safe, real-time environment for transacting."
Trevor Wistaff
This convergence unlocks an unprecedented wave of opportunity that, as Wistaff suggests, "won't happen again" for decades once the current evolution settles. It's a chance to redefine how businesses operate and interact, fostering greater security, efficiency, and innovation.
Zepto: Your Guide to the NPP Horizon
As a directly Connected Institution on the NPP for PayTo, Zepto holds a unique vantage point, a seat at the table that offers a clear view of the path ahead. Our journey to direct connectivity signifies our deep commitment and understanding of the NPP's capabilities and its transformative potential. We've been at the forefront of this evolution, not just observing, but actively participating in shaping the future of Australian payments.
The insights from these industry leaders paint a compelling picture: the New Payments Platform is no longer just the future; it's the very fabric of how Australian businesses will thrive. The momentum is undeniable, the opportunities vast, and the time for strategic action is now.
If you're ready to make your move to the NPP, Zepto is ready to guide you there. Our expertise, direct connection, and pioneering spirit position us as the ideal partner to help you navigate this transformative landscape and unlock the full potential of real-time payments for your organisation.