The PayTo initiative will be live by July 1, 2022. Source: Unsplash
3 minute Read
A major change is coming for small businesses when the federal government’s new real-time payments initiative PayTo goes live from July 1, 2022.
A part of the New Payments Platform, PayTo is a new digital payments service that can be used by payers to pre-authorise one-off or recurring real-time payments from a bank account.
Put simply, PayTo is a major upgrade to direct debits.
What this means is an improved experience for customers and businesses, allowing customers to see and control recurring payments through their bank app, and allow businesses to confirm funding availability in real-time, reducing the rate of failed payments.
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