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.
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.”