12 Months of Osko: How Australians are using real-time payments

One year ago, the biggest change to Australia’s payment infrastructure began rolling out with the launch of the New Payments Platform (NPP) and its first product, Osko® payments, which delivered the ability for payments to be made in real time.

Osko by BPAY® was developed by BPAY Group and is the NPP’s first overlay service being used by consumers, businesses and fintechs. Since launching, there have been almost 70 million Osko payments worth over $66 billion. These days, a typical week sees about 1.9 million Osko payments processed between financial institutions. The typical transaction value is $25 for person-to-person (P2P) payments.

Australians are enjoying the benefits of real-time payments and paying family and friends in under a minute, 24/7, even on weekends and public holidays. Two out of every five Osko payments are made outside traditional banking hours and the most popular time is between 5 – 9pm.

“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,” says Mark Williams, Chief Strategy Officer of BPAY Group.

The benefits of Osko payments are not just limited to P2P transactions. Businesses are taking advantage of Osko payments as well; 30 per cent of payments are to, or from, businesses and between businesses.

Mark adds: “Consumer expectations about how they pay and get paid are changing and we have been innovating to offer solutions that 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.”

At launch, there were 50 financial institutions offering Osko payments through at least one digital banking channel. There are now 65 institutions, including the 4 major banks. With more financial institutions joining all the time, Australian consumers can expect real-time payments to become a standard part their payment experience.

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