The Beyond Tomorrow Conference made a huge splash last year, so it is unsurprising that this year’s edition was highly anticipated.
More than 450 delegates and 30 distinguished speakers attended the prestigious event to thrash out issues relating to the future of payments in Australia.
Themed ‘Unleashing Opportunities’, industry leaders, financial experts and technology innovators assembled for Beyond Tomorrow 2025.
The stage was set for thought-provoking conversations about digital payment methods and what lies ahead for Australian businesses, consumers and the entire financial ecosystem.
The event coincided with Australian Payments Plus (AP+), which celebrated its third anniversary.
AP+ has come a long way since it became up and running in 2022. The company employs over 500 employees and has partnered with over 150 institutions since its inception.
Just last year, AP+ processed well over 5.7 billion transactions, which highlights how much the company has grown over the past three years.
AP+ started off with components such as eftpos, BPAY and the New Payments (NPP) and has now morphed into a unified domestic payments provider.
The company has always been about maintaining and protecting payment infrastructure in Australia, and it is now helping to shape the future of online transactions.
Representatives from the betting industry were also at Beyond Tomorrow in a bid to keep abreast of developments in digital payments.
Punters favour platforms that offer reliable betting payment methods in Australia, and operators keen to stand out attended the event to learn about developments in digital transactions.
With real-time payment and mobile wallets becoming increasingly popular in Australia, punters can choose how they want to process their transactions which improves their betting experience.
Digital Payments Evolution Continues Apace
The payment infrastructure in Australia has evolved over the past few years, but one advancement that stands out is the rollout of eftpos and least-cost routing in mobile wallets.
Such payment methods now account for nearly 40 percent of in-person transactions, which is mind-boggling considering mobile wallets didn’t even have these features last year.
AP+ has been working tirelessly to integrate eftpos and least-cost routing into Apple Pay and Google Wallet since September 2024.
The idea is to lower the cost of payment acceptance and make it easier for businesses and customers to navigate transactions with relative ease.
ConnectID has also been making waves, with no less than four of Australia’s biggest banks adopting the digital identity verification system.
Commonwealth Bank (CBA), National Australia Bank (NAB), ANZ (through ANZ Plus) and Westpac now offer ConnectID to their customers.
The use cases for ConnectID have gone beyond banking, spreading across a range of businesses from real estate to human resources and financial services. They leverage the platform to streamline identity verification and security processes.
There have also been concrete developments in account-to-account payment, with PayTo now available on Amazon and Red Energy.
PayTo offers customers a safe and secure way to move money directly from their bank accounts, which is crucial in an era where security in digital payments is in high demand. These modern payment systems also come with utility and other payments, helping individuals and businesses handle recurring financial obligations more easily.
Merchants now offer a variety of payment methods so customers can choose whichever one suits them best, and that includes direct bank payments.
Beyond Tomorrow also highlighted the growing momentum of real-time payments.
The New Payments Platform (NPP) processes around 30% of all account-to-account transactions, highlighting the rapid shift towards faster and more efficient digital payments.
The goal is to phase out the Bulk Electronic Clearing System (BECS) by 2030, and the financial sector is working towards ensuring a smooth transition.
The Reserve Bank of Australia (RBA) recently reinforced the urgency of that transition in its latest risk assessment, encouraging businesses, governments and consumers to prepare for the shift to the NPP real-time payments network.
What the Future Holds for Payments
The future of payments in Australia was a major talking point at Beyond Tomorrow.
The Assistant Governor of the RBA, Brad Jones, touched on key topics such as what role surcharging plays in a cashless society, the roadmap for decommissioning BECS and the future central bank digital currency.
A dedicated panel focused on the ongoing modernisation of Australia’s payment ecosystem and how it affects businesses, consumers and governments.
That preceded real-world case studies on PayTo, where end-users explained how they are leveraging the power of the platform’s real-time, always-on, data-rich payment capabilities.
AP+ chief payments & schemes officer Adrian Lovney kicked things up a notch in the afternoon by hosting a late-night talk show-style segment.
He talked about how lowering the cost of payments creates value and provided a forward-thinking view of how integrating payments, and identity verification could transform how Australians perform transactions.
One of the most eye-catching moments from Beyond Tomorrow came from renowned international speaker and author David Birch, who led a panel discussion on the future of digital identity.
Birch explained how digital identity solutions have become a mainstream practice around the world and talked about how Australia can follow that blueprint.
The second phase of his speech centred around the impact of artificial intelligence (AI)-driven agents are changing how customers shop, pay, and interact.
Chief Scientist for Digital Finance Cooperative Research Centre (CRC) Talis Putnins also chimed in with the growing need for payments to adapt to the rise of tokenised assets.
Blockchain-based assets and digital tokens have swept through the financial markets, and Putnins believes the Australian industry needs to keep up to avoid being left behind.
David Prior
David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.
