Osko payments expected to soar on digital banking boom, says BPAY Group

Osko payments expected to soar on digital banking boom, says BPAY Group

Online banking surges while physical payment methods slump
 
Research conducted for BPAY Group has indicated a significant shift in consumers’ expectations about their usage of online banking following the outbreak of Covid-19.
 
Data provided by Kantar in the third week of April reveals 28% of consumers have a strong intention to increase their usage of online banking/payment options due to current stay-at-home orders and financial uncertainties. During this time, a greater reliance on payment methods consumers perceive as ‘trustworthy’ is also anticipated.
 
The survey of 150 consumers found that 23% had a strong intention to do more online shopping at ecommerce websites. Meanwhile 32% are considering opting out of memberships or subscriptions, and 31% feel concerned about rent/bill payments.
 
“Use of Osko is likely to increase significantly in the months ahead due to the expected growth in online banking, and consumers’ reluctance to use cash,” said Keith Brown, BPAY Group General Manager Product, Scheme and Business Development.
 
On 30 April Osko’s total volume hit a daily record of 1,422,850 transactions with a value of $2,034,033,897 – a milestone for the only product currently operating as an overlay service on the New Payment Platform (NPP).
 
“This growth is set to continue as Osko is rolled out in more channels in the coming weeks, making the service more ubiquitous than ever before,” added Brown.
 
In light of the changing coronavirus situation, 8% expect to use BPAY much more than before. Meanwhile 91% of current BPAY users do not expect their usage of BPAY to change as they rely on it for regular payments that are unlikely to be impacted.
 
Question: In light of the changing coronavirus situation, how do you expect your behaviour to change when it comes to making payments? Much more/Much less?

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Source: Kantar May 2020.
 
Osko Payments is now available in over 60 banks (including the four major Australian banks) and will be continuing to roll out in the coming months – meaning more fast payments for consumers. Learn more about Osko here.
 
 
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