BTC Markets confirms POLi support is dead but NPP is on the cards

Angus Kidman 17 January 2018 NEWS


The Australian crypto exchange is examining options for the New Payments Platform.

Australian cryptocurrency exchange BTC Markets has confirmed that it won't be reintroducing POLi as a payment option for its customers, but says it is considering options for integrating with the New Payments Platform being rolled out this year across Australian banks and other financial institutions.

Earlier this month, BTC Markets dropped its support for making deposits to pay for cryptocurrency purchases through POLi. At the time, it wasn't clear if POLi would be reintroduced. Using POLi allowed customers to make deposits without having to directly share bank details, though it attracted a $3.30 service charge. BTC Markets is continuing to allow payments through BPAY and has eliminated a previous $500 minimum amount for such transactions.

In a tweet yesterday, BTC Markets confirmed that it didn't intend to bring POLi back, but noted that it wants to take advantage of the New Payments Platform. "We have no plans to reintroduce POLi however we are evaluating NPP," the tweet read.

The New Payments Platform is designed to make transfers of funds between different financial institutions faster and more secure and to encourage new payment platforms. For instance, CommBank, Westpac and NAB are partnering on an app called Beem that will allow payments from any Australian customer.

BTC Markets didn't indicate exactly how it planned to integrate with the NPP. Currently, the New Payments Platform only allows authorised deposit-taking institutions (ADIs) to sign up directly, so BTC Markets would probably have to partner with another organisation in order to gain access. A partnership with a participating bank would potentially allow customers to make secure transfers directly from their Australian bank accounts.

All of the Big Four banks have signed up for the NPP, along with many smaller institutions. To date, local banks have been reluctant to support cryptocurrency trading, with many banning transfers of funds to cryptocurrency exchanges. The cryptocurrency market itself remains volatile, with massive drops in values for most currencies over the past day.

Latest cryptocurrency news

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Picture: Shutterstock

Latest crypto guides

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy & Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.
Ask a question
Go to site