Just under 3 months ago, Osko went live as the first product on the New Payments Platform. By 10am on the very first morning, $1 million had been transferred through Osko from people to other people in under a minute across Australian financial institutions.
Since then, Osko has continued to roll out with 62 banks now live and many more to come over the next 6 months. It has come a long way, having just hit $4 billion in transaction value. The growth rate continues to climb daily as Osko is rolled out to more and more customers at participating financial institutions.
Product Owner Cathie Morrison has experienced a number of Osko transactions herself with “experienced electricians providing me their PayID and friends sending me money they owe me for splitting the lunch bill with a smile (literally a smiley emoji)”.
Similar experiences are being shared with “feedback from customers at our participating banks letting us know the many ways it made things easier in the lives of their customers.” RFi research (2018) shows that splitting costs, from restaurant bills to group presents are some of the key moments consumers are looking to use Osko to make those fast paybacks.
Morrison commented that “as the rollout continues across the industry, I am sure we will see lots of great examples of Osko making life easier that we hadn't even thought of.”
“Feedback from customers at our participating banks letting us know the many ways it made things easier in the lives of their customers.”
The first 3 months of data have also provided some interesting insights about how Australians pay. Payments over the weekend are increasing as awareness grows and behaviour changes. Australians are adopting PayIDs with now close to 1.5 million people (NPPA 2018) registered and able to receive Osko payments to their email address or mobile phone number. P2P payments are also making up 80% of the Osko volumes and in a market of 45.9 billion payments annually (RFi 2018), Osko is well on the way to becoming a fixture in this space.
Stats from Osko data (Feb – April 2018), NPPA data (Feb – May 2018) and RFi Osko and PayID research (Feb 2018).