PayID is a feature linked to your existing bank account that makes sending and receiving money that little bit easier. Instead of scrambling for your to bank account and BSB number, you can give your friends and family an easy to remember ID like your mobile number or email address and watch the transaction happen in real time.
Register your unique PayID with your bank who 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 you 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.
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.
After successfully registering your PayID, share it with your family and friends so they can pay you with their mobile banking app or via Internet banking.
Your friends and family will need to provide you with their PayID. Then you can use your mobile banking app or Internet banking to send the payment to that PayID, instead of entering in your recipients BSB and account number. All you need to do is select 'PayID' option when choosing how to pay.
See the full list of banking institutions offering PayID
If you’re running your own business and are sending invoices out, instead of putting your account and BSB number on the bottom you can now just add your registered PayID. When used together with a product like BPay’s Osko (a system which allows payments to be made between financial institutions in under a minute), then you can watch the payment happen in real-time.
Additionally, if you’re doing a job and your customer doesn’t have cash on them, then PayID and Osko will allow them to make the payment online, safely and in real-time, so you can make sure that the money comes through to your business account before heading home.
When your customers make a payment via your PayID, the name of your business will appear on their screens so they can be sure they’re transferring money to the correct business. Check with your banking institution to see if they currently offer this functionality.
Your PayID will typically be your phone number (landline or mobile), but some institutions will allow you to use other identifiers such as your email, Australian Business Number (ABN), an Australian Company Number (ACN), an Australian Registered Body Number (ARBN), and an Australian Registered Scheme Number (ARSN). It’s not just a random number that you think up, but a number which already belongs to you. However, you'll need to prove that the PayID you chose belongs to you, so you won't be able to use a phone number or email address that belongs to someone else.
Try and think of a number that you use everyday that you’re not likely to forget or change anytime soon. If you’ve had the same mobile phone number for the last 10 years and can’t think of any reason why you’d give it up, it may be a good idea to use that.
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