Consumers and SMEs rate BPAY as the most secure and trusted payment service

81% of those who use BPAY rate its security, and trust that their information is safe
Research conducted for BPAY by RFi Group has indicated consumers and small and medium-sized enterprises (SMEs) rate it as Australia’s most trustworthy and secure payment method, while the bill payment service continues to make life simpler for merchants.

An RFi survey of 2,034 consumers in March revealed 81% of those who use BPAY rate its security, and trust that their information is safe. Similarly, more than half of SMEs rated BPAY as trustworthy and secure – more than any other payment method, according to an RFi survey of 508 SMEs in September 2020.

The results reflect the unique market position BPAY has built over more than two decades, with every payment verified by the payer from within the security of their internet or mobile banking.

Built-in security doesn't require third party access

“BPAY is built into people's secure internet and mobile banking apps, reducing the risk of other organisations accessing personal data,” says Keith Brown, BPAY's General Manager of Product, Scheme and Business Development.

"Because payments are initiated through your internet or mobile banking, it’s all done within the bank's security, and you never have to give card or account details to a third party," Brown says.

It gives consumers more control over their data and when payments are made than alternatives such as direct debit. This extra control and certainty results in a higher BPAY transfer limit than typical bank transfers.

Benefits for merchants

BPAY also makes life simpler for merchants. It helps thousands of businesses across Australia unlock their cashflow as bill payments are cleared on the same business day.

It also allows for easy reconciliation because each payment has a unique customer reference number (CRN), which allows the payment to be matched to the correct bill.

And if a merchant wants to switch banks, their customers won't notice any change, unlike if they were paying via a direct deposit. This is because biller codes, which identify the merchant, aren't tied to any one banking institution.

Meanwhile, merchants can send bills straight to a customers' online banking through BPAY View, where they can easily make the payment.

BPAY continues to work on new innovations for customers and businesses to make life simpler.