What is Bpay?
‘Bpay’ is an electronic method of bill payment in widespread use across Australia. The system allows people to make payments though financial organisations’ websites, either using a computer or smartphone. Telephone payment is also possible using ‘Bpay’. ‘Bpay’ is the property of four major banks in Australia.
‘Bpay’ allows bill-payers to pay what they owe using the websites of their specific financial institution. The system works by assigning a “bill number” to the business in question, and this would then be printed on their bills – along with the ‘Bpay’ brand logo.
To make the actual payment, the bill-payer must visit their bank’s website using a computer, a mobile, or a tablet. It is here that they would be required to enter the aforementioned bill number and their reference number, as well as the amount of money to be debited.
Once a customer has paid a bill using the ‘Bpay’ service, the bank to which the payment was made will send the details of this payment to the biller’s own bank, which would then credit their account with the appropriate payment amount. This is usually carried out within one working day.
Registration is not required for use of ‘Bpay’ services, and neither does the bill-payer need to pay a fee for using the service, but sometimes the biller would be asked to pay a specific fee to their bank in order to use the service.
Launched at the end of 1997, ‘Bpay’ originally only offered bill-payers the chance to pay by phone using their service. In 2002, as use of the internet become more common, their expanded their service to cover this medium as well.
At the beginning of 2015, customers can use ‘Bpay’ services across 156 Australian financial institutions. It is estimated that around 45,000 businesses now accept this method of payment.