Why Australians rate BPAY as the most secure and trusted payment service

- By Collaborative Media & Publishing
Consumers and small and medium-sized enterprises (SMEs) have rated BPAY 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.

Solving millennials concerns that they aren't paying the right organisation

Research by the peer-to-peer payment service Beem It showed Millennials often experience anxiety when making payments.

"Punching in all those digits and hoping it's going to the right person is a source of anxiety for people in this segment," said Divya Sivakumar, Beem It’s Head of Strategy & Partnerships, on a panel at FinTech Australia's Intersekt conference.

"They're not necessarily cash-rich so that they can put it on a debit card or credit card and have a monthly deduction. They are a segment that need to make sure that they're paying the right amount at the right time when it suits them," she added.

Beem It joined the BPAY Scheme and integrated BPAY into the service using BPAY’s APIs earlier this year, giving users confidence that their bill payments are going to the right organisation. Each company has a BPAY biller code, allowing users to see the organisation's name before confirming the payment.

"By using the APIs, we've been able to provide more confidence by validating that, yes, you're paying the right amount, and it's going to the right biller… and your CRN [Customer Reference Number] and everything else is correct," said Sivakumar.

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.

A total of 81% of those who use BPAY rate its security, and trust that their information is safe, according to the RFi research in March. However, the same research showed only 57% of those who didn't use BPAY felt it would keep their information safe and secure, suggesting they may be unaware of those benefits.

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.

Published by BPAY Pty Ltd (ABN 69 079 137 518) email: marketing@bpay.com.au. The BPAY Scheme is managed by BPAY Pty Limited.  When you use BPAY payment products, the BPAY Scheme is paid fees relating to processing costs and BPAY Scheme membership.  Contact your financial institution to see if it offers BPAY payment products and to get the Product Disclosure Statement.  Any financial product advice provided by BPAY Pty Limited in relation to BPAY payment products is general advice only and has been prepared without taking into account your objectives, financial situation or needs.  Before acting on such advice, you should review the Product Disclosure.
 

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