What is PayID?
PayID is a feature linked to your existing bank account that makes sending and receiving money easier. Instead of scrambling for your bank account and BSB number, you can give your friends and family easy to remember ids like your mobile number or email address and watch the transaction happen in real-time.
Register your unique PayID with your bank, which will securely link it to your bank account. Once it’s been set up, you can start giving it to friends and family when they need to transfer your money instead of giving them your BSB and account number. You can also use it when you need to pay someone by asking for their PayID.
How does PayID work?
Once PayID is available through your bank, building society or credit union, you’ ll be able to set one up if you want to. Simply follow the steps within your mobile banking app or via Internet banking to create your unique PayID (as outlined above). Your PayID will generally be your mobile number, but some institutions will allow you to use your email, ABN, ACN or landline phone number. Your banking institution will then link the PayID to your bank account.
What are the benefits of PayID?
Fast. Watch your payments happen in real-time.
Easy. No more searching for your account and BSB number.
Fewer mistakes. Use an easy to remember number to get paid.
Mobile. Available through the latest version of most banking apps.
Secure. Funds are protected by your bank’s fraud detection mechanisms.
Simple registration. A few clicks and you’re ready to go.
Longer descriptions. You’ll be able to send a 280-character description with your transfer, and you can even use emoticons.
Links to Banks with PayID
Great Southern Bank
Australian Military Bank
Bank of us
Bank of Melbourne
BDCU Alliance Bank