![]() O: Fees are dependent up each bank and the account that you use. Though that could change down the track, with CEO Mark Wood saying that like all good start-ups, Beemit has “long-term commercialisation plans.” The payment description can be up to 280 characters.ī: Free to download and use. ![]() O: Allows text and emojis to be sent with the message via your financial institution’s internet or mobile banking service. Payments show up on both the payer’s and receiver’s bank statements as an eftpos refund, e.g. CommBank customers can use PayID for payments up to $1,000).ī: Allows text and emojis to be sent with the payment message in the app. O: The daily transaction limit is based on the limits set within your financial institution’s PayID payment limits (e.g. What is the maximum amount of money that can be sent? O: Not yet, but this functionality is expected to be added later. You can also generate a QR code for the other person to scan from their app to confirm payment. As soon as they accept the payment request, you will see the money in your account. No bank account details are displayed.ī: Yes, you can send a request to pay via the app to a contact or mobile number. O: When making payment, users see your full name or business name and PayID. This provides greater flexibility as you can create multiple PayIDs each linked to a different bank account (personal or business).ī: When making payment, users see your first name and only. If your bank does not support all PayID types, customers can still make and receive payments using a BSB and account number. O: By using a PayID, which can be an email address, phone number (landline or mobile), ABN, CAN, ARBN or ARSN. The app will also allow you to sync your contacts to show you which of your existing contacts is already using the app. If you need to accept payments for a business then a separate (business) mobile phone number is required. Once your financial institution has enabled PayID and Osko, they will contact you to let you know how to create a PayID via your usual internet of mobile banking service.ī: By using a mobile phone number or scanning a QR code generated via the ap. O: No additional registration is required to use Osko but you will need to register for a PayID. BoQ and Suncorp).ī: Registration is via the app and requires your full name, email, mobile number, address, date of birth, a form of ID (drivers licence, passport or Medicare card) and either an Australian Visa or Mastercard debit card details. ANZ, Westpac including St.George, BankSA and Bank of Melbourne, and Macquarie Bank) or participation in NPP (e.g. O: Banks accounts of institutions linked to the NPP, though a number of the banks are lagging in either their NPP implementation (e.g. Currently you cannot use a credit card, but that is being worked on. Over 60 Australian financial institutions support Osko.ī: Any Australian Visa or Mastercard debit card with the eftpos logo on it. NPP is owned by 13 participating institutions including all the major banks and the Reserve Bank of Australia. O: Osko is operated by BPAY (which is owned by the four major banks). However, a cardholder from any bank can use the service provided they have the right card type (see below). ![]() When you pay someone for the first time, a verification step may be necessary to confirm they are using Osko.ī: Beem It is a joint venture between Commonwealth Bank, NAB and Westpac. O: Is a New Payments Platform (NPP) overlay service and works through an existing mobile banking app or internet banking service. If you send money to someone who doesn’t yet have the app installed, they will receive a text message with a download link, and as soon as their account is setup they will receive the money. Both the payer and receiver must use the app. It uses the Visa/Mastercard debit rails for authorisation and eftpos refund rails to settle in real-time. ![]() ![]() Here is a summary of the key differences between Beem It (B) and Osko (O):ī: Is a payments app available on iOS and Android app stores. New payment app Beem It has officially launched, so Australian consumers now have two options to make a real-time payment – Beem It and Osko – but how do they compare?īoth are a step forward in enabling real-time payments for consumers, but are also a work in progress. ![]()
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