Australia’s payment is changing, with digital wallets and contactless payments shaping the future of transactions. Key trends include the rise of buy now, pay later (BNPL) services, enhanced payment security, real time payments, and increasing cryptocurrency adoption, all signalling a broader shift in how consumers expect to pay.

While recently travelling through Thailand, I observed a noticeable shift in how people were paying for goods and services. Whether at street markets, restaurants or retail stores, locals weren’t pulling out credit cards or cash, they were using their phones to scan QR codes and pay instantly through PromptPay.

PromptPay is Thailand’s real time payments platform that allows users to transfer funds instantly using simple identifiers like a mobile number, citizen ID, e-wallet ID or even a corporate tax number. It’s safe, secure, fast, and virtually fee free. Transactions are processed via a scannable QR code, with money transferred in real time from one account to another. No need for card readers, no surcharges, and no waiting days for settlement. And this system works because it’s simple, trusted, and widely adopted.

Here at home, we’ve seen the gradual rise of PayID, Australia’s own real-time payments system. PayID allows users to link their bank account to a mobile number, email address or ABN, making it faster and easier to receive payments without needing to share full bank account details. Funds sent via PayID typically arrive within seconds, 24/7.

While PayID has been steadily gaining traction, especially for peer-to-peer payments, it’s still far from the embedded, retail wide solution that PromptPay has become in Thailand. But that may be changing, and fast.

Enter PayTo and Pay by Bank. As Australia’s financial infrastructure continues to change, new capabilities like PayTo and Pay by Bank are starting to gain ground. A standout example is Chemist Warehouse, which is now offering customers the option to pay using Pay by Bank, a new service enabled through NAB and powered by fintech provider Banked. Instead of relying on credit or debit cards, customers can authorise payments directly from their bank accounts, no card details needed, no intermediaries. It’s secure, fast, and offers real-time settlement for businesses.

According to NAB, Pay by Bank offers several benefits:

+ Real-time payments and confirmations

+ Reduced fraud risks (no card numbers to steal)

+ Lower transaction costs compared to card networks

+ Streamlined customer experience

That last point on cost is particularly important. Every time a credit or debit card is used, banks are charged fees by card networks like Visa and Mastercard, fees that are ultimately passed on to retailers and consumers. Real time payment systems help bypass these. That means lower costs for businesses, no hidden fees, and greater transparency across the board. It’s not just a win for customers, it’s in the banks’ interest too, as they reduce their dependence on costly third-party networks.

This kind of innovation could be a game changer for both retailers and service providers, particularly in sectors like healthcare and pharmacy where margins are tight and customer expectations are shifting rapidly toward seamless, digital first experiences.

At Allfin, we work closely with business owners, to stay ahead of the curve when it comes to finance and operations. Understanding where payments are heading is crucial. Whether it’s reducing transaction fees, improving cash flow through instant settlement, or enhancing customer experience, real time payment solutions such as PayID and Pay by Bank are becoming more relevant. My experience in Thailand reminded me that progress in this space is happening globally, and quickly. If we want to stay competitive and deliver best practice service to customers, now is the time to explore what these technologies can offer your business.

If you’re interested about how these real time payment systems could fit into your business, talk to our team at Allfin. We’re here to help you navigate what’s next, and make sure you’re not left behind as payment expectations advance.