Why Osko enables trust, control and security for instant payments

- By Collaborative Media & Publishing
Anyone who has bought a PC or laptop in the past 30 years is familiar with the slogan “Intel Inside”.
 
We might not have chosen to use Intel’s chips – that decision was made by the computer manufacturer – and we might not know a lot about them, but we are reassured by the trusted brand that our new computer is running on these safe and reliable chips.
 
Consumer researcher Haydn Northover likens Osko to Intel, and says there are opportunities for banks and financial institutions to leverage the growing awareness of the brand in their own marketing initiatives.
 
He notes that like Intel, most consumers don’t specifically choose to use BPAY Group’s instant payment service Osko.
 
“You can't always choose to make an Osko payment. You just happen to use it through your bank,” says Northover, a senior director at global consumer research house Kantar.
 
Osko is built upon the New Payments Platform to facilitate instant payments for consumers and businesses, who access it when they make a payment via their bank or financial institution.
 
While consumers might not select Osko specifically, awareness of the service has been growing. Osko is a mark of quality on a payment – if you see it, you know to expect fast, secure payments with data for consumers and businesses.
 
Users can trust an Osko payment to reach the desired account in near real time, and manage it where they already manage their money, so there’s no need to go outside of their internet banking.
 
More consumers associating Osko with payments
 
Kantar gauges the strength of a brand by measuring what it calls the brand salience, which is the extent to which consumers associate it with a specific need.
 
In terms of payments, consumers were asked which brand they associate with the need to pay money to a friend or family member.
 
Cash is still number one, with 46% of consumers nominating it thanks to its strong historic legacy, but significantly Osko is at 14% and rising, Kantar research reveals. This is no surprise, as BPAY Group identified early on that the main advantage of fast payments for consumers is having the capability to move money to someone in the case of an emergency.
 
The number for paying a trader or small business is currently 6%, but Northover also expects that to rise significantly.
 
“It's a slow evolution of that growing association with Osko. That slowness is no bad thing. Trying to change behaviour that's a really hard thing to do and it takes a lot of time,” he says. “The decline in cash is evident and that long trend is working in Osko's favour.”
 
Among younger consumers, the brand is growing rapidly. One in five 18-to-25 year-olds select Osko as the payment service they use most often and half of the age group use the service at some point.
 
Banks and Osko have a symbiotic relationship
 
Kantar also measures what it calls a Brand Power Score – a comprehensive set of brand equity metrics such as meaningful, different and salient – that explain and predict a brand’s market reality.
 
Osko’s score has nearly doubled in the past two years and the Brand Power Score suggests the upwards trajectory will continue.
 
Banks are already seeing the benefits of being associated with Osko and are using the brand in their joint marketing initiatives. For instance, Bendigo Bank promotes the Osko service on its website, outlining its benefits and key features.
 
“From a bank’s point of view, if people start to associate Osko as the engine that drives payments, then they can leverage that as well,” Northover says.
 
“That's a pretty strong symbiotic relationship going on where they both need each other. The banks will need Osko because it demonstrates a growing demand for an increasingly trusted fast payment method. And Osko needs the banks for its distribution,” he adds.
 
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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