NPP clocks up $11bn in spending
There were around 13 million payments in January, with a value of A$11 billion, using the New Payments Platform, according to Reserve Bank data.The average value of NPP transactions was just over $800. The RBA data shows the value of NPP payments has grown steadily over the past 12 months.The NPP figures, detailed in the latest Reserve Bank Bulletin, are part of an expanded retail payments data collection, which includes a breakdown of card spending between remote and in-person purchases, prepaid card transactions and card spending overseas. The RBA says card spending by Australians overseas has more than doubled over the past decade. This is consistent with the increase in popularity of online shopping on international websites and an increase in foreign travel.The average overseas purchase is $250, compared with the average domestic purchase of around $65. This is because airfares, accommodation costs and high-value goods tend to account for a sizeable share of international card spending.The bank is also looking at card spending in Australia by foreign tourists and on Australian websites.The RBA will also from now on provide seasonal adjustments to its card payments data.