B-Pay hits record $1b

A RISE in Internet banking has lifted B-Pay to new heights. The bill payment service hit a record $1 billion in bill payments in July.

The proportion of payments made through the Internet has grown rapidly over the past six months – now comprising more than 30 per cent of all B-Pay transactions, compared with 20 per cent at the start of the year.

B-Pay national business manager Linda Hemstrom said no other electronic service providers were achieving the same levels.

“More than 1 million payments a month are on the Internet out of a total of more than 3 million payments,” Ms Hemstrom said.

“Internet banking has grown by more than 1,400 per cent since February 1998.”