BPAY is an electronic payment system in Australia that allows you to make payments through an online, mobile or telephone bank financial institution to organizations that are BPAY registered banks.

BPAY is the registered trade name of BPAY Pty Ltd, a wholly owned subsidiary of Cardlink Services Limited. Cardlink is also owned by four major Australian banks: Australia and the New Zealand Banking Group, Commonwealth Bank, National Australia Bank and Westpac.

Businesses or other organizations that choose to participate in BPAY would register with their BPAY entities through their bank. An operator would assign an invoice number to the business that would be printed with the BPAY logo on their accounts, as well as an indication of the reference number the customer should use for payment.

To make a payment, the customer would visit his financial institution’s online, mobile or telephone banking facility, where he would enter the payee code, reference number, and payment amount, as well as the account to be posted to the account. credit card. Some billers do not accept credit cards (or receive payments from a limited credit card list) in payment via BPAY. A financial institution may limit accounts that may be used for BPAY payments and store reference information for customer use for future payments.

The customer does not need to register for the service. Typically, a customer would not have to pay a service fee, but the billing agent would usually pay a fee to his bank and the credit card company if the card was used for payment.

After the customer made a payment with BPAY, the financial institution where the payment was made would use electronic means to transfer the payment information to the payer’s bank (if different) and the payer’s bank credited the amount determined by the payer’s bank account. and will be informed of the customer reference number and payment amount, for automatic or manual entry into your accounting system. As a rule, transactions completed before the closing date set by the financial institution will be processed and paid on the same day, otherwise they will be processed on the next business day. A waiver bank may charge a bank exchange fee.

BPAY was launched on November 18, 1997 as an electronic payment system for invoice payments over the phone. It was the world’s first payment service to be accepted across the banking sector. It soon offered payments via the Internet via the financial institutions’ internet banking pages.

In 2002, BPAY View was introduced, bringing accounts and statements electronically through the Australian financial institution’s website.

From January 2015, BPAY payments can be made through more than 156 participating Australian banks, credit unions and financial institutions. More than 45,000 businesses accept BPAY payments [1], and approximately $ 24 billion worth of bills are paid every month through BPAY.