What are Osko payments?
What is Osko?
- Osko enables 24/7 real-time bank transfers
- Transfers by phone number, email or bank details
- Network developed by trusted payments company BPAY
Osko is a fast and convenient payment network that operates under the NPP (New Payments Platform) in Australia. Launched in 2018, it allows users to make real-time payments between participating banks and financial institutions, ensuring money is transferred almost instantly.
This service, developed by BPAY, is designed to make everyday transactions easier, whether you’re sending money to friends or paying a bill. Osko is partnered with over 90 financial institutions including the big four banks, so more than likely you already have access to it.
How does Osko work?
Osko payments work through your online or mobile banking app, so there’s no need to download anything new. To initiate a payment, you simply access your bank account, enter the recipient's details - such as their phone number, email address, or BSB and account number - and the amount you want to send.
The funds are processed almost instantly, typically within seconds, allowing for a seamless transaction experience. As long as both the sender and recipient’s banks are part of the NPP network, the transaction should go through without any hassle.
To check if your bank or financial institution accepts Osko transactions, you can use the search tool on the Australian Payments Plus website.
When would you use Osko?
Personal payments
Osko is ideal for splitting bills, paying back friends, or sending money for personal expenses. For example, if you owe a mate for lunch, you can quickly send them the money without waiting days for a transfer to clear.
Paying for goods and services
Many businesses now accept Osko payments for transactions. Whether you're buying a gift online or paying for a service, the ability to transfer funds instantly makes it a handy option for both consumers and vendors.
Small business banking
For small businesses, Osko offers a simple way to receive payments from customers. The immediate transaction times can improve cash flow, making it easier to manage day-to-day operations. Small businesses can also send payments to suppliers quickly.
How is Osko different from other payment platforms?
Fast
Unlike traditional bank transfers that can take up to three business days to clear transactions, Osko payments are processed in real-time. This speed makes Osko ideal for urgent transactions.
Simple to use
Making an Osko payment is straightforward. Most banking apps have integrated Osko features, so you don't need to download a separate app or go through complex processes. A few taps, and your payment is on its way.
More characters for payment descriptions
Osko allows users up to 280 characters (including emojis) in their payment descriptions, much more than the standard 18 characters found in many other payment systems. This feature lets you include more context for your transactions, making it easier to track payments later.
Is PayID linked to Osko?
PayID is a digital payment service in Australia that lets users send and receive money using an identifier like a mobile number or email instead of bank account details. This makes transactions quick and convenient.
When you use PayID to send or receive money, the transactions are processed through the Osko network. This means that payments can be made instantly. PayID serves as the user-friendly front end, allowing you to send money using simple identifiers, while Osko handles the backend technology that ensures those transactions happen quickly and securely.
Osko payments FAQs
Are Osko payments safe?
Osko payments are designed with security in mind. They utilise the same encryption and security measures as traditional bank transactions. However, it’s always wise to ensure you're sending money to the right person.
Can you send/receive Osko payments over the weekend?
Yes, Osko payments can be made 24/7, including weekends and public holidays. This feature adds convenience, allowing you to send or receive money at any time.
Can you cancel an Osko payment?
Once an Osko payment is initiated, it cannot be cancelled. This is due to the instant nature of the service. Therefore, it's crucial to double-check the recipient's details before making a payment.
If you’ve made a payment by mistake, contact your bank and see if there’s anything they can do to help you out. If you send an Osko payment to a closed account, or an account that doesn’t exist (e.g. incorrect account number or BSB), the payment will fail and you should be refunded.
Why was my Osko payment rejected?
Payments may be rejected for several reasons, including insufficient funds, incorrect recipient details, or if the recipient's bank does not support Osko. If a payment fails, it's best to review the details and try again.
Can I use Osko for international payments?
No, Osko is designed for domestic transactions within Australia. For international payments, you'll need to use other services or platforms specifically tailored for cross-border transfers.
What happens if I enter the wrong details for an Osko payment?
If you enter incorrect details, the payment may go to the wrong recipient, and unfortunately, Osko does not have a mechanism for reversing transactions. It's essential to double-check the recipient's information before confirming the payment.
Is there a limit on how much I can send with Osko?
Yes, while there is no fixed limit imposed by Osko itself, individual banks may have their own limits for Osko transactions. It’s best to check with your bank for specific restrictions.
Are there fees associated with Osko payments?
Generally, Osko payments are free for personal transactions. However, some banks may charge fees for business accounts or certain types of transactions. It's sensible to check with your bank for any applicable fees.
Can I schedule an Osko payment for a later date?
Osko payments are processed in real-time and cannot be scheduled for a future date. If you need to make a scheduled payment, you might want to explore other banking options that allow for this feature.
^See information about the Mozo Experts Choice Bank Account Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.