60% of Australians pay bills using BPAY
Australians have a knack for downplaying their greatest inventions, and BPAY is one of them. 20 years ago BPAY was introduced across nearly every bank in the country to help people pay bills and to help businesses get paid.
- On average people pay 5 or 6 bills a month, and around 60% of Australians pay those bills using BPAY*
- 88% of Australians recognise the iconic BPAY logo, as it’s on nearly every major bill in the country and in almost every internet banking platform*
According to Keith Brown, BPAY Group’s General Manager of Product, Scheme & Business Development, BPAY is still growing even after 20 years of leading bill payments.
“We know that most people are a little nervous about the security of paying online with a credit card or in a random app. Our customers have let us know they prefer to pay bills within the security of their banking environment, and so that’s where we have continued our focus. As a result, over 1.5 million BPAY payments are made per day worth well over $1.5 billion, all within the safety of a customer’s internet or mobile banking.” Mr Brown said.
The latest research conducted by RFi in December 2017, reinforces the difference BPAY delivers compared to all other options that are often available like Direct Debit, Credit Cards, Cash, Cheques or PayPal. People choose BPAY over other methods for their bills because it gives them control, security, flexibility and requires no personal information to be shared with the organisation being paid.*
In the past 20 years BPAY has evolved including the addition of BPAY View 16 years ago. Many Financial Institutions help their customers stay on top of their bills with Internet Banking a destination to receive and view their major bills.
The Commonwealth Bank has exemplified this experience when they launched the Better Bill Experience in late 2016, and their customers can now pay their bills with one click from their mobile banking^. Customers can have their bills sent directly to the CommBank app and NetBank, rather than via the post or email, and view their new bills in an upcoming payments calendar.
“Whenever customers use BPAY they can choose between paying with their own cash or a credit card, and can schedule a payment well in advance of its due date. It’s complete control,” added Mr Brown.
BPAY was the first product that was collaboratively delivered by Australian banks under a standard set of operating procedures. It’s not a simple challenge getting a range of banks around a table to work together for a common good. But BPAY Group manages it regularly.
*RFi Payments Payment Diary 2017