POLi was an instant bank transfer payment method owned by Australia Post that allowed Australian and New Zealand residents to make secure online payments directly from their bank accounts without sharing card details. The service concluded operations in September 2023.
POLi Payments was one of Australia's most recognized online payment solutions, providing instant bank transfers for millions of transactions between 2006 and 2023. Designed specifically for Australian and New Zealand markets, POLi enabled users to make secure payments directly from their bank accounts without needing credit cards or third-party payment accounts. The service was widely adopted across multiple industries, including online betting, e-commerce, cryptocurrency exchanges, and bill payment services.
Understanding how POLi worked, why it was discontinued, and what alternatives are now available is essential for anyone who previously relied on this payment method or is researching historical payment options in the Australian market.
POLi Payments launched in 2006 as an innovative solution to a common problem: many Australians preferred not to share credit card details online, yet needed a fast and reliable way to make internet payments. POLi addressed this by creating a secure gateway that connected users' online banking directly to merchant payment systems.
The service gained rapid adoption due to its simplicity and security model. Users did not need to create a POLi account or download software. Instead, they simply selected POLi as their payment method at checkout, chose their bank from a list of supported institutions, and completed the transaction through their familiar online banking interface.
POLi was particularly dominant in the online betting industry, where instant deposits were crucial for user experience. Major Australian bookmakers and casinos integrated POLi as a primary payment option alongside credit cards and bank transfers. The method was also popular with cryptocurrency exchanges like CoinSpot, where users needed to fund accounts quickly to take advantage of market movements.
The POLi deposit process was designed for maximum simplicity while maintaining bank-level security. When a user selected POLi as their payment method, they were redirected to the POLi gateway, which displayed a list of participating banks. After selecting their financial institution, users were taken to their bank's actual login page.
Once authenticated using their standard online banking credentials, POLi pre-populated the payment details including the recipient account, amount, and reference number. Users simply reviewed the information and authorized the payment using their bank's normal confirmation process. The funds were transferred immediately, and users were redirected back to the merchant site with confirmation.
POLi supported more than 17 major Australian banks and credit unions, covering the vast majority of Australian banking customers. Supported institutions included the big four banks Commonwealth Bank, Westpac, ANZ, and NAB, along with regional banks like Bendigo Bank, Bank of Queensland, and Suncorp. Credit unions and building societies with online banking capabilities were also integrated into the POLi network.
In New Zealand, POLi supported major banks including ANZ New Zealand, ASB, BNZ, Kiwibank, and Westpac NZ. This comprehensive coverage made POLi accessible to nearly all online banking users in both countries.
POLi transactions were processed instantly, with funds appearing in the recipient account in real-time or within minutes. This immediate processing was one of POLi's key advantages over traditional bank transfers, which could take 1-3 business days to clear.
Transaction limits varied depending on the merchant and the user's bank. Most merchants set minimum deposits between 10 and 20 AUD, while maximum limits typically ranged from 5,000 to 10,000 AUD per transaction. Users with higher daily transfer limits set by their banks could often negotiate higher limits with merchants for specific transactions.
Making a deposit using POLi followed a standardized process across all merchants and platforms. The following steps outline the typical user experience when funding an account via POLi.
After logging into the merchant account, users navigated to the deposit or payment section. From the list of available payment methods, they selected POLi. Some platforms displayed POLi prominently due to its popularity, while others grouped it with other bank transfer options.
Users entered the amount they wished to deposit, ensuring it fell within the merchant's minimum and maximum limits. The interface typically displayed any applicable fees, though POLi itself did not charge users transaction fees. Some merchants absorbed processing costs, while others passed small fees to customers.
After confirming the amount, users were redirected to the POLi gateway, which presented a list of supported banks. Users selected their financial institution from this list. The interface was designed to be intuitive, with bank logos and clear labeling to prevent confusion.
Upon selecting their bank, users were taken to their bank's official login page. This was not a POLi-hosted page but the actual banking website, ensuring users entered credentials only on their bank's secure servers. Users logged in using their standard online banking username and password, along with any two-factor authentication required by their bank.
After successful authentication, POLi pre-filled a payment form with the merchant's account details, the deposit amount, and a unique reference number. Users reviewed this information for accuracy and then authorized the payment using their bank's standard confirmation process. This might involve clicking a confirm button, entering a security code, or using mobile app authentication.
Once the payment was authorized, users were redirected back to the merchant website with a confirmation message. The deposited funds appeared in their account balance immediately, allowing them to proceed with their intended activity whether placing bets, making purchases, or trading cryptocurrency.
POLi operated as a bridge between online banking and merchant accounts. When making a payment, users were redirected to their bank's login page through POLi's secure gateway. After authenticating with their bank credentials, the system pre-filled payment details, allowing users to authorize the transaction directly within their banking interface.
The process eliminated the need to manually enter bank account numbers or card details on merchant websites. Transactions were processed in real-time, with funds appearing in the recipient account instantly. This made POLi particularly popular for time-sensitive transactions like betting deposits, online shopping, and bill payments across Australia and New Zealand.
In 2023, Australia Post announced the discontinuation of POLi Payments services in Australia, with the service officially concluding on September 30, 2023. The decision came as a surprise to many users who had relied on POLi for years, but Australia Post cited declining merchant acceptance and changing payment preferences as primary reasons for the closure.
The rise of alternative instant payment methods, particularly PayID and real-time bank transfers through the New Payments Platform, reduced POLi's competitive advantage. Additionally, some banks and financial regulators expressed concerns about payment methods that required users to enter banking credentials on third-party platforms, even though POLi redirected to actual bank login pages.
The closure affected millions of users across Australia who had integrated POLi into their regular payment routines. Online betting platforms, which had heavily promoted POLi as a primary deposit method, needed to communicate the change to customers and promote alternative payment options.
Cryptocurrency exchanges like CoinSpot, which had offered POLi as a convenient funding method, announced the discontinuation well in advance and provided detailed guidance on alternative deposit methods. Most platforms experienced a smooth transition, as they already offered multiple payment options that could absorb POLi users.
Following POLi's closure, Australian users transitioned to several alternative instant payment methods that offer similar or superior functionality.
PayID emerged as the primary replacement for POLi across most industries. Built on Australia's New Payments Platform, PayID allows users to link their mobile number or email address to their bank account. Recipients can then receive instant transfers using just this identifier, without needing to share BSB and account numbers.
PayID offers the same instant processing that made POLi popular, with funds appearing in recipient accounts within seconds. The method is supported by all major Australian banks and has been widely adopted by online betting sites, cryptocurrency exchanges, and e-commerce platforms.
PayPal provides another instant deposit option for users who prefer not to enter banking details directly on merchant sites. Users can link their bank account or card to PayPal and then make payments with a single login. PayPal offers buyer protection and dispute resolution services that POLi did not provide.
Many platforms that previously offered POLi now prominently feature PayPal as an alternative. While PayPal charges merchant fees, many businesses absorb these costs to provide customers with convenient payment options.
Traditional direct bank transfers remain available, though they typically take longer to process than POLi did. Users manually enter recipient account details and initiate transfers through their online banking. While not instant, transfers between accounts at the same bank often process within hours, and the New Payments Platform has reduced processing times for inter-bank transfers.
Credit and debit card deposits continue to be widely accepted across online platforms. Cards offer instant processing and widespread acceptance, though some users prefer not to share card details online. Visa and Mastercard remain the dominant card networks in Australia, with near-universal merchant acceptance.
Apple Pay and Google Pay have gained significant traction as contactless payment methods that also work for online transactions. These digital wallets tokenize card information, providing an additional security layer. Users authenticate payments using biometric data on their devices, combining convenience with security.
POLi's security model was both its strength and a point of controversy. The service required users to enter their online banking credentials during the payment process, which some security experts and banks viewed as training users to enter sensitive information on third-party sites.
However, POLi's actual implementation redirected users to their bank's genuine login page, not a POLi-hosted imitation. Users entered credentials directly on their bank's servers, and POLi never had access to login information. The system used read-only access to verify account details and initiate payments, but could not withdraw funds or access accounts independently.
Despite these safeguards, some Australian banks discouraged POLi use and warned that transactions made through third-party payment initiators might not be covered by the same fraud protections as direct banking transactions. This regulatory uncertainty contributed to declining merchant acceptance and ultimately influenced the decision to close the service.
The online betting industry was POLi's largest user segment in Australia. Virtually every licensed Australian bookmaker offered POLi as a deposit method, and many promoted it as their recommended option due to instant processing and high success rates.
Betting sites valued POLi because it reduced payment friction. Users could fund accounts and place bets within minutes of deciding to wager, without needing to wait for bank transfer clearance or retrieve credit cards. This immediacy increased user engagement and satisfaction.
Following POLi's closure, betting platforms transitioned users to PayID, which offers equivalent instant processing. Most major bookmakers now list PayID as their primary recommended deposit method, with card payments and bank transfers as alternatives.
POLi Payments served Australian and New Zealand users effectively for 17 years, providing a secure and instant alternative to credit cards and slow bank transfers. The service filled an important gap in the online payment ecosystem, particularly for users who preferred not to share card details online but needed faster processing than traditional bank transfers offered.
The closure of POLi in September 2023 marked the end of an era, but the Australian payment landscape has evolved significantly since POLi's launch. The New Payments Platform and PayID now provide instant bank transfers with even broader acceptance and integration into the banking system itself. Digital wallets and improved card security have addressed many of the concerns that originally drove POLi adoption.
For users who relied on POLi, the transition to alternative methods has been relatively seamless. PayID in particular offers the same instant processing and bank-account-based funding that made POLi popular, while being directly integrated into banking infrastructure rather than operating as a third-party intermediary.
Australia Post closed POLi Payments due to declining merchant acceptance and the rise of alternative instant payment methods like PayID. The decision was a business choice by Australia Post, not a regulatory requirement.
No, POLi ceased operations in Australia on September 30, 2023. All merchants that previously accepted POLi have transitioned to alternative payment methods such as PayID, PayPal, and direct bank transfers.
PayID is the most direct replacement for POLi, offering instant bank transfers using just a mobile number or email address. It is supported by all major Australian banks and widely accepted by online merchants, betting sites, and cryptocurrency exchanges.
POLi deposits were generally secure, as users entered banking credentials directly on their bank's official website, not on POLi's servers. However, some banks expressed concerns about third-party payment initiators and recommended direct banking methods instead.
POLi itself did not charge users transaction fees. However, some merchants passed on processing costs to customers, typically as a small percentage or fixed fee per transaction.
POLi supported over 17 Australian banks including Commonwealth Bank, Westpac, ANZ, NAB, Bendigo Bank, Bank of Queensland, and Suncorp, along with numerous credit unions and regional banks with online banking capabilities.
POLi deposits were processed instantly, with funds appearing in the recipient account in real-time or within minutes of authorization. This immediate processing was one of POLi's primary advantages over traditional bank transfers.
The September 2023 closure applied to Australian operations. Users in New Zealand should check with POLi directly or their merchants regarding current service availability, as the closure announcement specifically referenced Australian users.
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