Australian Payments Plus

What Australian Payments Plus does

Australian Payments Plus (AP+) is a private, not-for-profit consortium entity that operates Australia's domestic payments and identity infrastructure, formed in February 2022 through the ACCC-authorised amalgamation of BPAY Group, eftpos Australia, and NPP Australia. The company connects over 150 banks, financial institutions, retailers, businesses, government agencies, and fintechs through an interlocking suite of payment rails: the New Payments Platform (NPP) — Australia's real-time, 24/7 bank-to-bank settlement infrastructure handling approximately $7.8 billion in average daily payment value and 165+ million monthly transactions — along with Osko (real-time transfers), PayID (payment addressing with 37+ million registrations), PayTo (third-party-initiated real-time payments), Confirmation of Payee (account-name verification, 100+ million uses since July 2025), BPAY (bill payments across 140+ financial institutions and 55,000+ businesses, 6.4 billion transactions over 25 years), eftpos (Australia's debit card network on 70+ million cards and digital wallets), and ConnectID (bank-backed digital identity verification, first non-government operator of a digital identity exchange to achieve Technology Readiness Level 9).

AP+ generates revenue through scheme participation fees charged to member institutions across its various payment rails, with pricing negotiated through multi-year scheme membership agreements and not publicly disclosed. The company has explicitly committed to fee compression, including a 22% reduction in eftpos wholesale fees and a zero-surcharge limit on eftpos transactions from October 2026. Distribution is structurally embedded: products are native to the online banking and mobile applications of partner banks, eliminating the need for direct consumer acquisition, and are also extended through merchant acquiring networks (J.P. Morgan Payments, Worldpay from FIS) and direct enterprise partnerships with major merchants and identity-dependent businesses such as Telstra, Amazon Australia, Snapchat, and Endeavour Group.

The company is governed by an industry-owned board including independent directors and representatives from major shareholders, with CEO Lynn Kraus (appointed December 2021, Member of the Order of Australia in 2024) leading the executive team. AP+ participates in coordinated regulatory and industry initiatives including the RBA's Project Acacia tokenisation pilot (announced July 2025) and holds ACCC authorisation to coordinate with AusPayNet on the future of account-to-account payments infrastructure. Headcount is reported at 251–500 employees, and the company is headquartered in Sydney. In April 2026, AP+ agreed to divest its consumer P2P payments app Beem to Bolt Group, signalling a strategic refocus on core infrastructure operations.

Name

Australian Payments Plus

Legal name

Australian Payments Plus

Website

https://auspayplus.com.au

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

251–500 employees

Short description

Australian Payments Plus operates Australia's domestic payments and identity infrastructure, connecting 150+ banks, fintechs, government agencies, and merchants through NPP, BPAY, eftpos, PayTo, and ConnectID rails serving the entire Australian economy.

Ownership category

akta.pro rank

Product category

Payment Network Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Finance Services (6199)

akta.pro primary industry

Payouts, Disbursements & Mass Payments Infrastructure (FSAGABAN)

akta.pro secondary industries

A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF), A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB), Bank Bill Pay (Consumer & Small Business) (FSAMAJAC), Bill Pay, Invoicing & Payables Platforms (BPAMAFAF)

Keywords

• Payment infrastructure
• Real-time payments
• Digital identity verification
• Debit card network
• Bill payment services

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Payment Scheme Fees: AP+ generates revenue through scheme fees charged to participants for access to payment networks including NPP, BPAY, eftpos, and related services. The eftpos scheme has seen 22% drop in wholesale fees as part of ongoing commitment to lower cost of payments.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Australian Payments Plus operates Australia's domestic payments and identity infrastructure, connecting 150+ banks, financial institutions, retailers, businesses, government agencies and fintechs. The company provides real-time account-to-account payments via the New Payments Platform (NPP), with overlay services including Osko, PayID, and PayTo, secure bill payments via BPAY, debit card acceptance via eftpos, fraud prevention via Confirmation of Payee, and digital identity verification via ConnectID.

Product overview

Australian Payments Plus (AP+) operates as a platform-plus-modules payments and identity infrastructure provider, formed in 2022 through the amalgamation of BPAY Group, eftpos Australia, and NPP Australia. The company provides a comprehensive suite of interconnected payment and identity solutions: the NPP (New Payments Platform) serves as the core real-time payments infrastructure supporting Osko (fast payments overlay), PayID (payment addressing), PayTo (third-party payment initiation), and Confirmation of Payee (fraud prevention). ConnectID provides digital identity verification services. BPAY handles traditional bill payments, while eftpos manages Australia's domestic debit card network. These products work together to enable secure, real-time payments and identity verification across Australia's financial ecosystem, connecting over 100 banks, financial institutions, retailers, businesses, government agencies and fintechs.

Differentiator

Problem solved

Functional benefit

Brands

• New Payments Platform (NPP): Australia's fast payments infrastructure supporting real-time payments
• Osko
• PayID
• PayTo
• BPAY
• eftpos
• ConnectID
• Confirmation of Payee

Products and services

• NPP (New Payments Platform) Australia's fast payments infrastructure connecting over 100 banks, financial institutions and fintechs, facilitating real-time payments between bank accounts 24/7 via Osko, PayID and PayTo. Supports data-rich payments including payroll, super and tax classifications.
• Osko Secure payment service enabling real-time payments between participating banks through online banking. Payments are typically sent in under a minute, 24/7 including weekends, supporting up to 280 characters for payment descriptions.
• PayID Easy payment addressing service allowing users to send and receive money using a mobile number, email address, ABN or organisation identifier. Offered by over 80 financial institutions with 37+ million registered PayIDs.
• PayTo Secure payment method enabling businesses to initiate real-time payments from their customers' bank accounts. Agreements are authorised and managed in online banking, giving consumers visibility and control over automated payments.
• Confirmation of Payee Industry-wide service that helps protect payments to BSB and account numbers by matching account details with recipient's bank records before payment, displaying match outcomes to help identify scams and mistaken payments.
• ConnectID Australian digital identity solution facilitating secure data exchange between identity providers (banks) and businesses. Customers verify identity through their bank without sharing physical documents like passports or driver's licences.
• BPAY Established bill payment solution available in online banking of over 140 financial institutions, used by over 55,000 businesses to receive payments. Has processed 6.4 billion transactions over 25 years.
• eftpos Australia's domestic debit card network available on over 70 million debit cards and digital wallets. Committed to cost-effective, secure and reliable payments with Merchant Choice Routing saving businesses nearly 20% on debit transactions.

Quantifiable outcome

• Confirmation of Payee used over 100 million times since July 2025 launch
• +4 more outcomes

Named customers17 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature8 records

Partnerships

15 partnerships are on record, tiered core, minor and flagship.

• TelstracoreStrategic or Co-development Partner · 10 June 2026ConnectID digital identity verification launched nationally in Telstra stores, enabling customers to verify identity using their bank when signing up for mobile or internet services.
• PersonacoreTechnology or Integration · 21 April 2026Integration between Persona and ConnectID for age check compliance with Australia's online safety legislation, enabling users to verify age through existing bank enrollment data without sharing sensitive documents.
• Bolt GroupcoreChannel Partner/ Reseller/ Distributor · 8 April 2026AP+ sold its Beem peer-to-peer payments app to Bolt Group, with transaction expected to close by end of June 2026. Bolt Group plans to evolve Beem into an everyday money app.
• Butter InsuranceminorStrategic or Co-development Partner · 2 February 2026Butter Insurance became the first to embed an insurance solution within Australia's payment systems through partnership with AP+, offering subscription-style insurance at checkout.
• SnapcoreTechnology or Integration · 24 November 2025ConnectID powers privacy-preserving age assurance for Snapchat users, allowing verification of over-16 status without uploading passports or driver's licences.
• Digital Finance Cooperative Research CentreflagshipStrategic or Co-development Partner · 5 August 2025Collaborative research partnership in Project Acacia exploring tokenised asset markets and digital money settlement infrastructure.
• Reserve Bank of AustraliaflagshipStrategic or Co-development Partner · 10 July 2025AP+ selected to participate in Project Acacia, the RBA's tokenisation pilot exploring digital money settlement infrastructure and tokenised asset markets in Australian wholesale finance.
• Giesecke+Devrient (G+D)coreTechnology or Integration · 10 June 2025Partnership to bring eftpos and Least Cost Routing to Click to Pay, enhancing payment options for merchants and consumers.
• Australian Payments Network (AusPayNet)flagshipStrategic or Co-development Partner · 5 May 2025Joint public consultation on future of account-to-account payments, ACCC authorisation to coordinate industry efforts on payment infrastructure modernisation.
• Social Ventures AustraliaminorOthers · 5 March 2025Three-year charity partnership focused on social impact initiatives and community contribution programs.
• J.P. Morgan PaymentscoreChannel Partner/ Reseller/ Distributor · 25 July 2024J.P. Morgan Payments joined as eftpos member and New Payments Platform participant, strengthening diversity and competition in Australian payments market.
• Worldpay from FIScoreChannel Partner/ Reseller/ Distributor · 6 July 2023Worldpay from FIS joined as eftpos member to further Australian market activity and expand merchant payment acceptance.
• Beyond BlueminorOthers · 13 June 2023Partnership to promote workplace mental health and provide support resources for AP+ employees.
• Endeavour GroupcoreTechnology or Integration · 4 April 2023Partnership with LAB Group to deliver digital age verification for Endeavour Group's drinks and hospitality business using ConnectID.
• ColescoreStrategic or Co-development Partner · 8 March 2023Strategic partnership on new digital wallet for Coles customers, developing first QR payments platform for the leading retailer.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Zelle: US bank-owned P2P and A2A payment network operated through Early Warning Services on behalf of major US banks. Comparable to AP+ in being a bank-led, scheme-style real-time payment alternative to card rails, though focused on P2P use cases.
• Pay.UK: UK retail payments operator running Faster Payments, Bacs, and the Image Clearing System under an industry-owned model. Directly comparable to AP+ as a not-for-profit scheme operator connecting UK banks and financial institutions with similar B2B infrastructure positioning.
• National Payments Corporation of India (NPCI): Operator of India's Unified Payments Interface (UPI), IMPS, RuPay, and other domestic payment rails under a not-for-profit, member-owned structure. Closest comparable peer to AP+ given shared model as a consortium-led, multi-rail domestic payments infrastructure operator.
• AusPayNet: Australian Payments Network, the industry self-regulatory body managing card payment standards (BECS, Direct Entry, eftpos standards pre-merger) in Australia. Direct domestic peer to AP+ given shared Australian payments industry coordination role and joint ACCC authorization for A2A coordination.
• The Clearing House Payments Company: US bank-owned operator of the Real-Time Payments network and ACH. Comparable to AP+ as a bank-consortium scheme operator delivering real-time A2A payment infrastructure in a single national market.

Emerging players

• Plaid: Open banking and account-to-account data/identity infrastructure platform enabling fintechs and merchants to connect to bank accounts. Comparable to AP+'s ConnectID and PayTo rails as enabling infrastructure for A2A and identity verification use cases.
• ID.me: US digital identity verification network providing identity proofing, age verification, and authentication across government and commercial use cases. Comparable to AP+'s ConnectID as a digital identity exchange with bank-backed verification.

Broad incumbents

• Visa Direct: Visa's real-time push payments platform enabling A2A transfers, payouts, and disbursements globally. Comparable to AP+'s PayTo and NPP offerings as real-time A2A payment infrastructure, though operating at global scale via the Visa network.
• Federal Reserve - FedNow Service: US Federal Reserve-operated instant payment service providing real-time A2A infrastructure across US banks. Comparable to AP+ as national instant payment infrastructure, but with the key difference of being operated by a central bank rather than a private consortium.
• Mastercard Send: Mastercard's real-time disbursement and A2A payment platform. Comparable to AP+'s PayTo and Osko offerings in delivering real-time account-to-account payment capabilities, but operating on a global card-issued network.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCqFwLyuR8D8K7N1eZ3K3e1g
• LinkedInlinkedin.com/company/australian-payments-plus

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Australian Payments Plus