What is PayID?
PayID is the simpler, faster and smarter way of sending and receiving payments in real time. Your PayID can be your phone number or email address, that you can link to your bank account. Once linked, you will be able to provide your PayID to organisations or people to transfer money directly into your bank account without the hassle of having to remember BSB and Account Numbers.
Why Use PayID
PayID is simple to register and easier to remember and share than your BSB and account number.
Money can be transferred almost instantly 24/7, even on weekends and public holidays across participating banks.
With PayID you can easily confirm that you are sending money to the right person. When making payment PayID will display a name before you send funds.
PayID can be used through participating bank’s app which allows payments to be made anytime anywhere.
PayID payments will have the same high level of security that protects your existing bank account transactions. Monitored 24/7.
Payments can be sent with more details. This allows you to keep better track of you money. It will include up to 280 characters of free text to describe your payment.
To receive payments using PayID you will need to register with your financial institution. You will need to as person or business sending you payments to use to your PayID. Their bank will securely transfer the money into your account. This would usually takes less than a minute.
To send money using PayID you need to use your financial institution app or to be logged into your online banking. You would need to select PayID of the person or business you are paying and enter amount you wish to pay with a description. The person or business you are transferring the money to will receive the payment in less than minute.
Who Is Involved
PayID is the name of the New Payments Platform which has been developed and will be offered by most Australian finacial institutions. These include Australian banks, credit unions and building societies.
How Does PayID Works?
Register for PayID
First, you will need to register with your financial institution for PayID
Share your PayID
Share your PayID with your family, friends or other business partners
Create your PayID
To receive payments you’ll need to create a PayID, this can be your mobile number or email address
Use your PayID
Make and receive payments in real time by using your PayID, funds will be sent or received almost immediately.
How To Register
Your bank, credit union or building society will contact you letting you when PayID becomes available. Once registration has been completed and PayID created, sending and receiving money will be fast, simple and secure. You can create as many PayIDs as you like, however you can only link a PayID with one eligible account. If you have more than one account you can create a different PayID for each one.