And according to Keith Brown, BPAY Group’s general manager of Product, Scheme & Business Development, BPAY is still growing.
“We know that most people are a little nervous about the security of paying online with a credit card or in a random app. Our customers have let us know they prefer to pay bills within the security of their banking environment, and so that’s where we have continued our focus. As a result, over 1.5 million BPAY payments are made per day worth well over $1.5 billion, all within the safety of a customer’s Internet or mobile banking.”
BPAY cites the fact that its service was the first product that was collaboratively delivered by Australian banks under a standard set of operating procedures.
The company claims people choose BPAY over other methods for their bills because it gives them control, security, flexibility and requires no personal information to be shared with the organisation being paid.
Brown says that in the past 20 years, BPAY has evolved, including the addition of BPAY View 16 years ago, and many financial institutions help their customers stay on top of their bills with Internet banking, a destination to receive and view their major bills.
According to BPAY, the Commonwealth Bank has exemplified this experience when they launched the Better Bill Experience in late 2016, and their customers can now pay their bills with one click from their mobile banking – and have their bills sent directly to the CommBank app and NetBank, rather than via the post or email, and view their new bills in an upcoming payments calendar.
“Whenever customers use BPAY they can choose between paying with their own cash or a credit card, and can schedule a payment well in advance of its due date. It’s complete control,” Brown said.