Two thirds of Australians don’t know their bank details
65% of Australians can't recall their bank BSB and account number without checking.
Two thirds of Australians (65%) admit they don't know their own bank account details, saying they can't recall their BSB and account number off the top of their head. And it turns out the younger you are the worse it gets, with almost four in five (76%) of Australians aged between 18-24 saying they can't recall these details. And while we're admitting things, I for one don't think I've ever known my bank account details.
The research was conducted by NPP Australia and has been released today in conjunction with a national advertising campaign officially introducing PayID to consumers. PayID is a core capability of the New Payments Platform (NPP) and will be used in replacement of BSB and account numbers from as early as this month. This means instead of looking up your bank account details when someone needs to transfer money to you, soon you'll be able to simply hand out your PayID.
“Participating banks, building societies and credit unions will start to roll-out PayID to their customers via their online and mobile banking in coming months. You’ll be able to nominate something easy to remember, like your phone number, email address or ABN number, that can be linked to your BSB and account number. But PayID is optional, so if you’re one of the 35 percent of Australians with a great memory for numbers, you can continue to use your BSB and account number if that’s what you prefer," said PayID spokesperson Lisa Lintern.
"Every day millions of people need to hand out their bank details to others so payments can be made into their account. If you’re anything like me, it usually means having to log-in to your internet banking, or pulling out an old statement, and jotting down the numbers on a sticky note. I’m definitely one of the 65 percent of people who has a ‘goldfish moment’ when it comes to remembering my BSB and account number,” she said.
The research revealed that 76% of Australians worry they'll make a mistake when entering someone's BSB and account number and that their money will be sent to the wrong person. When someone sends you money using your PayID, it will display your full name and they'll be prompted to confirm their transfer.
"This payment verification step provides you the reassurance that you are paying the right person. If you don’t recognise the name, you don’t have to confirm the payment – the same way you wouldn’t hand cash over to a person you didn’t know or recognise,” said Lintern.
Another key capability of the NPP is the ability to send money in real-time. This means you'll soon be able to send money to friends and family and it will settle almost instantly, even if they don't bank with the same financial institution as you do.
It's not confirmed exactly when PayID will be available to consumers, but some banks and credit unions have already started communicating to their customers about it. When your bank or financial institution introduces PayID in the coming months, you can set up your PayID through your Internet banking or mobile app. Select something easy to remember; your email address or phone number is a good idea. The PayID is unique to your bank account, not unique to you, so you'll also be required to set up individual PayIDs for each different account you have.
For more information on PayID and the NPP, check out our comprehensive guide here.