Direct debit changes to make switching banks easier

that allows near real-time digital money transfers, is the biggest overhaul of Australia's payment system in two decades.

NPP Australia chief executive Adrian Lovney said customers often found it difficult to view all the direct debits that had been signed up for, and cancelling these payments required contacting each merchant individually. The new system is aimed at addressing these "pain points." That is because the NPP allows people to receive and make payments via a "PayID" such as a mobile number or an email address, instead of entering their BSB and account number.

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