What is PayID, and how does it work in Australia?

Basic information about PayID

A PayID is a code that contains information about a holder’s mobile number or email address. It is linked to a bank account and is used to facilitate online payments. As a result, you don’t need to remember or mention the number of your account or Bank State Branch to send or receive money. PayID provides sufficient credentials for financial transactions. The option can apply to mobile devices too.

Why should I use PayID?

Simply mentioning your email address, mobile number, or ABN, which you can easily remember, enables you to make and receive payments quickly. Nothing else is revealed. Thus, in addition to simplicity, you reduce fraud risks.

How does PayID work?

You should activate this option at your servicing bank and register your PayID for online banking. Moreover, you can register several PayIDs.

Use PayID to receive money

If you use PayID for receiving quid, you should provide a payer (whether it is an individual or an entrepreneur) with your PayID. In turn, a sender should:

1. Copy and paste the code in the dedicated field when he does his online banking;
2. Check the display of your name upon entering the PayID to confirm the correct recipient of the cash transfer;
3. Confirm the action by clicking the “Send” button (or an analog in the payment system).

You will get the funds within a minute at the maximum, or instantly. Mistakes in details or security checks may rarely cause delays. To figure out the reason, simply contact your bank’s customer support team.

Use PayID to send money

If you use PayID for sending moolah, you should know the PayID of the receiver (whether it is an individual or an entrepreneur). Then, you should:

1. Log in to your online banking system profile;
2. Choose the PayID option among other variants, such as an account number, etc;
3. To submit the application, enter the PayID in the designated field;
4. View the name of the receiver that the system displays;
5. Click the “Send” button.

How to register your PayID?

Registration requires a few clicks. You should have an account in a bank that you prefer, and proceed as follows:

Alternatively, you can contact the bank for assistance.

Upon registration, your online banking profile stores all the data associated with your PayID, including the linked accounts. If there are any issues, your bank may be able to help restore the data or reveal the registered and forgotten PayIDs.