Tuesday, 18 September 2018 10:36

Osko money transfers hit $20 billion mark claims BPay

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Payments provider BPay claims more $20 billion has been transferred through its Osko payment platform — which allows the transfer and receipt of money instantly — since its launch earlier this year, with Osko now available via online banking with banks and financial institutions.

BPay’s use of the Osko system comes as the payments provider releases research showing that 38% of Australians are owed money by someone, with almost half (46%) of these being aged 16-24.

The research also found Australians differ in their generosity levels.

BPay says Australians are most likely to lend up to $100 to friends, with the research revealing that one in five was willing to lend more than $200, and 1% unwilling to lend anything.

The main reason why people did not lend money to friends was because they did not chasing people to get it back (58%), the research reveals.

With Osko, BPay promotes the system as allowing users to pay people fast, usually in under a minute straight into their bank account, even on weekends.

“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, chief executive 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.”

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Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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