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  • 19 September 2018 10:27

Osko by BPAY® is here for the 38% of Australians currently owed money by friends and family

Osko by BPAY is now available in the online banking of more than 60 banks, helping Aussies pay and be paid fast.

SYDNEY, AUSTRALIA, SEPTEMBER 19th 2018: Osko by BPAY, the whole new way to pay and get paid fast, is now available in the online banking of more than 60 banks.

The Hello Osko campaign starting on TV, cinema and outdoor today comes as new research, commissioned by BPAY Group, reveals 38 per cent of Australians are currently owed money by someone, with almost half (46 per cent) of those aged 16-24 owed money.

The research also found Australians differ in their generosity levels: we’re most likely to lend up to $100 to friends, with 1 in 5 of us willing to lend more than $200, and 17 per cent not willing to lend any money at all. The main reason preventing people from lending money to friends is that they don’t like chasing people for money (58 per cent).

With Osko® payments, you can pay people fast, usually in under a minute straight into their bank account, 24/7, even on weekends. Osko payments are inside existing online banking, in most cases as part of ‘Pay Anyone’. To make a payment, check both you and your mates bank both offer Osko, most banks do, the list is here. Then use either a PayID (a mobile number or email address that can be registered through the bank) or a BSB and account number to send the payment – simple!

“Australians often need to pay mates fast – whether it’s splitting the bill at dinner, sending money to a friend for a concert ticket, or covering a relative for a last-minute cab fare. That is why we’ve created Osko,” said John Banfield, CEO of BPAY Group.

“Rather than waiting hours or days for a payment from someone who owes you money and happens to use a different bank, you can now be paid back in under a minute, directly into your bank account, at any time. Since Osko payments started rolling out in February, we’ve already seen over $20 billion dollars transferred between mates, family, and even paying a tradesperson on the spot,” Mr. Banfield said.

Other Osko benefits include:

• Osko utilises PayID, so there’s no need to remember BSB and Account Numbers. You can use a simple identifier such as a registered email address or mobile number to pay. The name of the owner of the PayID will also be displayed, giving you confidence in who you are paying. But you can still use a BSB and Account Number to use Osko depending on your bank or financial institution.

• You can use up to 280 characters – including emojis and other languages – to describe your Osko payment.

BPAY Group has brought on everyday Australians including actor, comedian and writer Celeste Barber, to spread the word about how Osko is making payments fast.

There’s no need to download anything new or undergo a complex sign up process with Osko. See the full list of banks and financial institutions offering Osko at http://www.osko.com.au.

Research conducted by Retail Finance Intelligence Consulting (RFi) on behalf of BPAY Group in 2018.

-ENDS-

About BPAY Group

BPAY Group is uniquely positioned to lead innovation in payments for Australians today, tomorrow and whatever is next from the heart of the financial system. BPAY Group does this by thinking customer-first, providing ease without sacrificing security, and enabling experiences at the speed of life. A dynamic company of 120 talented people, it’s small enough that everyone has the opportunity to make their mark and big enough for each employee to make a difference. BPAY Group is also an Aon Hewitt Best Employer for 2018, testament to its culture that continually empowers and values its employees, while having a bit of fun.

For more information about BPAY Group visit http://www.bpay.com.au/aboutus

About BPAY

BPAY makes it easy to receive, pay and store bills through the Online or mobile banking platform of over 150 Financial Institutions, helping over 11 million Australians. BPAY processes an average of 1.5 million transactions to the value of $1.3 billion each day. In 2017, BPAY turned 20 years old and in 2018 is the preferred choice for Australians in paying their bills (RFi Payments Diary 2018).

For more information about BPAY visit http://www.bpay.com.au

About Osko by BPAY

Osko has launched through Financial Institutions from February 2018. It is the first product to be built on Australia’s New Payments Platform. It complements BPAY within online and mobile banking environments by offering a fast payment service across over 60 banks and financial institutions.

For more information about Osko visit http://www.osko.com.au

Published by BPAY Pty Ltd (ABN 69 079 137 518) (Phone [(02) 9646 9222]). The BPAY Scheme is managed by BPAY Pty Limited. When you use BPAY payment products, the BPAY Scheme is paid fees relating to processing costs and BPAY Scheme membership. Contact your financial institution to see if it offers BPAY payment products and to get the Product Disclosure Statement. Any financial product advice provided by BPAY Pty Limited in relation to BPAY payment products is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Before acting on such advice, you should review the Product Disclosure Statement and consider whether BPAY payment products are appropriate for your personal circumstances.

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