This is not correct.
There are many ways to tell the time. When listing the numbers, you can use 12 hour time, or 24 hour time. 24 hour time is often known as "Military Time". 0030 Military Time is 12:30am in 12 hour time, and is the most common way to say it in the USA. 12:30am would be spoken as "Twelve Thirty 'A' 'M' ".
Using 12 hour time, you can also start using "quarters" and "halves". If it was 3:15pm, I could say "Quarter past three". If it was 3:45pm, I could say "Quarter 'till four" (or Quarter to four, regionally). However, at 3:30pm, I can only say "Half past three", I cannot say "Half 'till three". Half is only past, never 'till, unlike the quarters which can go either way.
In 12 hour time, there are two special times that have names. 1200 in 24 hour (military) time is known as "Noon". 0000 in military time is known as "Midnight". We almost always say Noon or Midnight because people would often get confused saying 12 o'clock, even when adding 12 AM or 12 PM-- people just kept mixing them up. This confusion is only for the exact time of 12 o'clock, and if you have 12:01am or 12:01pm, people always understand.
If using "half past" or "quarter past/quarter 'till", you would use "noon" or "midnight", unless it was obvious which you meant from the context. I could say "Lunch with be at quarter past twelve," for instance, and everyone would know I mean past noon.
So, putting this all together! The answer to your question is:
"The time is now half past midnight," or "The time is now 12:30am."