With the arrival of the New Payments Platform expected sometime this month, we’re sure you can’t wait to make ‘real time’ instant payments without the need for a BSB or account number. And once it gets here, you'll be able to do that through Osko by BPAY- the first product to be developed under the New Payments Platform. Osko will be available through online or mobile banking - you won’t even need to download an app to use it!
But did you know there are a few other, quirky ways to use the new payment platform that you probably haven’t thought of yet? In fact, we’ve got 6!
You’ve just finished dinner with your mates and the bill hits the table like a reality series bombshell where you’re all left staring at each other until the ad break. Eventually, someone volunteers to pay and rest of you promise to transfer the money into his/her bank account. Normally, they’d be reimbursed within a few days, but thanks to Osko, they’ll now have the cash before they get to the counter to pay.
Paying your babysitter
Although it’s rare to see anyone pay with cash these days, there are still a few occasions when it makes sense, for instance, having to pay your babysitter at the end of the night. But soon, you won’t have to remember to get cash out as you head home from date night - all you’ll need is their email, phone number or PayID.
Sending or receiving payments on Gumtree
There’s always an awkward silence when someone who’s come to collect an item you’ve put on Gumtree says “I’ve only got $100 on me, can I still have it?” But with Osko, there’s no excuses for being short on cash. You’ll be able to ask for the money then and there because after all, everyone’s got a bank account.
Out on a date
Okay, stay with us for this one. Let’s say you meet someone in a bar and offer to buy them a drink. And then another and another. Before you know it, you guys have opened a tab. At the end of the night, pick up the bill and when they offer to pay their share, slip them your phone number so they can Osko it to you (and call the next day). Way better than a cheesy pick up line!
Finally getting paid back
One of the top services Osko is said to eventually offer are ‘requests’, where you can request a payment from more than one person - the perfect, petty solution for when your siblings still owe their bit from mum’s birthday present. Once the request is made, the recipient can either A: ignore you or B: reply with the real-time payment. Here’s hoping for B.
Making bit-ticket purchases
When they call it a ‘revolution’, they’re not kidding. Aussies could soon be scrapping cheques altogether, even when they hit up the auction or car dealer, as there’s talk of being able to use Osko to put a deposit on a property or to buy a car.
With all this banking innovation floating around, it might be time to find out how your bank compares by using our bank account comparison tool, which at the moment compares 107 bank accounts from 56 banks!