BPAY's Osko garners strong growth one year since launch

  • By Kate Weber

BPAY’s Osko has garnered almost 70 million in payments worth over $66 billion since it launched a year ago through the New Payments Platform.

The overlay service being used by consumers, businesses and fintechs.

Currently, a typical week sees about 1.9 million Osko payments processed between financial institutions, at an average transaction value of $25 for person-to-person (P2P) payments.

Chief strategy officer of BPAY Group, Mark Williams said customer expectations from financial services are changing and BPAY have been creating innovative solutions to meet their needs.

“Osko Requests is in the pipeline, which will enable you to request a payment from within your online banking – making it much easier for someone to pay you back. We are also working to allow businesses to use Osko Requests and include documents such as invoices.”  Williams said.

Businesses are taking advantage of Osko payments as well; 30 per cent of payments are to, or from, businesses and between businesses.

Williams continued to say consumers use Osko frequently throughout the day for everyday tasks.

“People transfer money at all times of the day, after dinner, on the weekends, at a footy match or cinema or even when buying something on Gumtree.

“Increasingly, they are expecting to access their money immediately. Most people will notice they have made an Osko payment when they get their payment receipt in online banking.” Williams said.

Osko now has 65 financial institutions offering the service from 50 when it first started with plans for more to join.

BPAY  also plans to make real-time payments to a standard part their payment experience.