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Transaction account is about to get a lot better

Transaction banking accounts come with debit cards that work on the Eftpos payments network and the Pay Anyone interbank transfer networks. These accounts and cards are about to get a lot more powerful with the development of a New Payments Platform in Australia.

Tony Richards, head of payments policy at the Reserve Bank of Australia said that the NPP would allow real-time payments to be sent by a customer or a business from their own bank account to another person's bank account.

Richards also said draft standards proposed a reduction in cost for debit card transactions from an average of 12 cents per transaction to an average of eight cents per transaction.

Source: Banking Day

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