The BPAY Story
Before BPAY, household water, gas, electricity, telephone and other bills were primarily paid by cheque or over the counter at the Biller, Post office or a bank. BPAY introduced phone and internet bill payment, a service available 24 hours, 7 days a week.
Humble beginnings, rapid growth
At launch, BPAY was supported by 9 Financial Institutions and 35 businesses with the majority of payments taken over the phone. The service is now offered by over 150 Australian Financial Institutions and found on over 45,000 different bills with 95% of payments made through internet banking. BPAY Billers now span more than 430 ANZSIC industry codes making BPAY a mainstream payment method for consumers and businesses. This popularity is also reflected in the 368 million bill payments processed by BPAY annually, worth more than $325 billion.
The innovation trend at BPAY continues
The next innovation in BPAY’s services came in 2002 with the launch of BPAY View. BPAY View is a convenient electronic bill presentment service offered through Australian Financial Institutions. The service provides consumers with a single point of access for receiving, viewing, paying and storing their bills securely within their internet banking site.
More than 300 businesses now offer BPAY View, covering most major household bills and this is growing all the time. These billers presented over 5 million bill summaries in FY 2015/16 to over 1 million Australians, saving businesses' time and money.
With the growing popularity of mobile banking, BPAY has introduced new innovations in mobile apps, including QR codes, to make bill payments even easier for consumers.
The future of BPAY looks bright
Today, BPAY is Australia’s leading bill payment service* and one of the country’s most recognised brands. BPAY continues to develop its existing payment services with enhancements including BPAY Batch and Intelligent Customer Reference Numbers designed to ensure that BPAY remains the best way for Australians to pay.
*These figures include Sub Billers. Sub Biller arrangements implemented FY 214/15
This article represents the vies and opinions of the author and do not necessarily reflect the opinion of BPAY. Published by BPAY Pty Ltd. BPAY is offered byover 150 Financial Institutions. Contact your Financial Institution to see if it offers BPAY and to get the terms and conditions. This is general advice - before using BPAY please review the terms and conditions and consider whether BPAY is appropriate for your personal circumstances.