How to set up PayID in Australia 2024?

Basic requirements for creating PayID

PayIDs can be used by individuals and companies to transfer moolah directly from a sender’s bank account to a receiver’s bank account online or via a mobile app. You can count on payments performed within a minute, whether you are a payer or a payee of the quid. 

Using NAB Internet Banking, you can create, amend, block, unblock, or terminate your PayID through any browser. You can also transfer this option from one bank to another and update editable data. If you encounter any issues, you should contact a customer support manager at your bank and ask for a consultation.

In general, the procedure is straightforward. To create a PayID, you should meet the basic requirements, like:

• Being a legal holder of a bank account in Australia;
• Being a user of a preferred online banking system;
• Having an email address or mobile phone number that can be verified.

Using a mobile device, you must launch the NAB mobile application (or other financial institution app), log in, and create PayID in the payment settings. Verification may be required, which includes the immediate delivery of a confirmation code to your specified phone number or email that must be entered in the dedicated field.

Different banking services for using PayID

You can use your PayID with almost all local banks once you enable it on the bank’s website. We recommend considering the most reliable financial institutions, which form the big four in Australia, including:

• The National Bank of Australia allows for ripper internet banking with a rich range of products, including credit cards and bank accounts. You can manage your personal Internet banking with zero monthly account fees easily;
• The Commonwealth Bank of Australia comes with traditional services and NetBank, which is a digital place for easy everyday banking and financial management;
• The Australia and New Zealand Banking Group provides diverse banking and financial services, including a PayID;
• Other big banks that have a general set of online and mobile banking options.

What is OSCO® payment?

The Osko payment method can be used by holders of accounts registered within ANZ. It is convenient for 24/7 payments. You can transfer moolah between any participating accounts in a fast and secure way and count on the best route selected by ANZ, even if different banks are involved. Aussies can perform an Osko payment to PayID (as is possible with the use of a receiver’s BSB or account number).

To benefit from this nearly real-time payment option, you should activate it at your bank. Moreover, the second party to a transaction must enable such payments too. The purpose of payment varies, from paying a commercial bill to returning loaned money to an individual.