A revolutionary payment system will allow Australians to transfer money to each other almost instantaneously and it doesn’t matter if it’s on a weekend or the middle of the night.
The New Payments Platform has more than 50 financial institutions on board and will allow most Aussies to pay their friends, family or even a tradesperson in under a minute – split bill woes will be a thing of the past.
Osko by BPAY is the first person-to-person payment product launched on the platform and will allow users to transfer and receive money with a simple PayID, instead of having to remember BSBs and account numbers.
Users will be able to send up to 280 characters to describe the payment and many financial Institutions will let these characters to include emoji’s and other languages.
“The New Payments Platform is a significant milestone, bringing a world-class payments platform to Australia,” said Adrian Lovney, CEO of New Payments Platform Australia.
“Osko will be the first product that will bring the Platform’s capabilities to life – it will be great to see Osko deliver the Platform’s benefits to Australian consumers and businesses.”
Osko payments will begin to roll out across Australia from today, and will continue to do so over the next few months.
It’s predicted the functionality of Osko will only grow over the coming years.