By Mohammed Waseem
In Australia, most people use a bill payment solution called BPAY via financial institutions across the country. BPAY offers fast, secure and convenient bill payments through over 157 Australian financial institutions including banks and credit unions covering over 90% of the market. They support over 44000 bills for 22000 billers and 22000 sub-billers and process over 30 million bills worth more than $23 billion, each week.
The company is owned fully by Cardlink services Ltd., which is jointly owned by ANZ Bank, Commonwealth Bank, National Australia Bank and Westpac Banking Corporation. 92% of the transactions are processed online or on mobile phones.
With BPAY, users can get all their bills delivered right to their online banking account or their mobile banking account. This can be opted in addition to the usual paper bills normally received. It ensures anytime access and on time payments, apart from better control. More than 2.1 million Australians already use BPAY to receive bills and statements online.
Once registered, users can pay bills securely from anywhere they have access to the banking services. To get started, they need to contact their financial institution and get connected. They need to find the biller code and the BPAY logo to continue payment. After this, they can login and make the payment or schedule it for a later date.
With a mobile banking app, users can pay a bill by just scanning a QR code with their mobile phones. This ensures reduced human error as information is auto-populated after successful scan. With BPAY, users can view bills, store them and pay them either immediately or at a later date.
BPAY is not available to use directly. Instead its offered through another company, so the interested users should contact their respective billers to start using the service.