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| Launched on November 18, 1997, BPAY is an electronic bill payment service offered by member financial institutions, (banks building societies and credit unions) as a core feature of their Internet and phone banking platforms. | |||
| {{Advert|date=December 2007}} | |||
| BPAY’s success is two-fold: offering consumers a convenient and secure way to pay their bills; and billers and financial institutions a more efficient bill collection service. | |||
| '''BPay''' is a payment method in ] allowing ] or ] to registered BPay merchants. | |||
| A wholly owned subsidiary of Cardlink Services Limited (CSL) - which is owned by the four major banks, St George and BankWest - BPAY scheme membership is open to all Authorised Deposit Taking Institutions (ADIs). It is also open to any other organisation in Australia that manages stored value accounts for customers and which is sponsored by a participant ADI member. | |||
| The BPay scheme was launched in ] and now most Australian banks, credit unions and financial institutions are participating members, covering around 90% of Australian consumer bank accounts. | |||
| More than 15,000 billers accept BPAY payments from their customers who use the bill payment service because it is the hassle-free, time-saving option to pay bills any time of the day or night, on any day of the year, from anywhere in the world, through the security of their financial institutions’ Internet or phone banking system. | |||
| ==Fees== | |||
| For added convenience, consumers can choose from which of their accounts to make the payment (cheque, savings and for some bills credit and debit card accounts) that can be done immediately or scheduled for a later date. | |||
| The BPay scheme sets a fee, called the Capture Reimbursement Fee (CRF), for BPay payments. The CRF is paid by the biller's financial institution to the bill payer's financial institution, so the fee is not directly paid by the consumer. | |||
| For a list of the most current wholesale fees, please go to www.bpay.com.au | |||
| The BPay fees as at 1 December 2006<ref></ref> are: | |||
| BPAY highlights include:168 financial institutions offer BPAY; Every month, Australians use BPAY to pay approximately 18 million bills, worth more than $11 billion; Internet banking represents over 77% of all BPAY payments; More than 15,000 billers accept BPAY payments, increasing at an annual rate of 4.5%; 70% of Australian bill payers have paid bills via the Internet in the past 12 months; Via the BPAY View service over 370,000 Australians are now receiving their bills online through their internet banking site. | |||
| BPAY payment from a debit account | |||
| * 45.1 cents per transaction | |||
| BPAY payment from a credit card account | |||
| * 40.7 cents per transaction; plus | |||
| * 0.297% of the transaction value. | |||
| In addition to these fees paid by the biller's bank, the biller's bank will charge fees to the biller according to their individual fee policies. These fees cover the costs incurred by the biller's bank, plus a commission. | |||
| ==External links== | ==External links== | ||
| * | * | ||
| ==References== | |||
| <references/> | |||
| {{finance-company-stub}} | |||
| ] | |||
Revision as of 10:54, 18 April 2008
Launched on November 18, 1997, BPAY is an electronic bill payment service offered by member financial institutions, (banks building societies and credit unions) as a core feature of their Internet and phone banking platforms.
BPAY’s success is two-fold: offering consumers a convenient and secure way to pay their bills; and billers and financial institutions a more efficient bill collection service.
A wholly owned subsidiary of Cardlink Services Limited (CSL) - which is owned by the four major banks, St George and BankWest - BPAY scheme membership is open to all Authorised Deposit Taking Institutions (ADIs). It is also open to any other organisation in Australia that manages stored value accounts for customers and which is sponsored by a participant ADI member.
More than 15,000 billers accept BPAY payments from their customers who use the bill payment service because it is the hassle-free, time-saving option to pay bills any time of the day or night, on any day of the year, from anywhere in the world, through the security of their financial institutions’ Internet or phone banking system.
For added convenience, consumers can choose from which of their accounts to make the payment (cheque, savings and for some bills credit and debit card accounts) that can be done immediately or scheduled for a later date.
For a list of the most current wholesale fees, please go to www.bpay.com.au
BPAY highlights include:168 financial institutions offer BPAY; Every month, Australians use BPAY to pay approximately 18 million bills, worth more than $11 billion; Internet banking represents over 77% of all BPAY payments; More than 15,000 billers accept BPAY payments, increasing at an annual rate of 4.5%; 70% of Australian bill payers have paid bills via the Internet in the past 12 months; Via the BPAY View service over 370,000 Australians are now receiving their bills online through their internet banking site.