What Is PayID and How Does It Compare to Other Payment Methods

PayID is a payment method that allows you to link your bank account, credit card, or debit card to a unique identifier, making it easier to send and receive money online. This identifier is known as a PayID, and it's a secure and convenient way to make payments.

PayID uses a bank's existing infrastructure, so you don't need to download a new app or create a new account to use it. In fact, PayID is built into many banking apps and websites, making it a seamless addition to your existing online banking experience.

One of the key benefits of PayID is that it's a low-cost payment method, with fees that are often lower than other payment methods like credit cards or PayPal.

To use PayID, you'll need to register your mobile number or email address with your bank. This can be done in just a couple of minutes using the CommBank app or NetBank.

You can link your PayID to an eligible joint account, making it easy for joint account holders to receive payments. To send payments to someone else, they just need to provide you with their PayID.

A PayID can be any of the following: mobile number, email, ABN, ACN, or landline phone number, depending on the bank. This means you can send payments to friends and family without needing to know their BSB and account number.

Here are some common PayID types:

You can only link your PayID to one bank and one eligible account. However, if you have multiple mobile numbers, you may be able to create multiple PayIDs, each linked to a different bank and account.

PayID is a secure way to make payments, thanks to the New Payments Platform infrastructure it's built on. This ensures that payments are just as secure as the ones you make today.

To register a PayID, you'll need to log into the CommBank app or NetBank first. This is a crucial step to prevent any unauthorized access.

The CommBank app and NetBank will never send you emails asking you to confirm, update or disclose personal or banking information. If you receive an email that looks suspicious, forward it as an attachment to [email protected].

Your mobile number and email address won't be shared with anyone. The PayID name you choose might be displayed to someone when they make a payment to your PayID.

PayID has a lower risk of fraud and data breach because it doesn't transmit sensitive bank details like BSBs and account numbers. It only shares the PayID information you submitted, such as your phone number.

You can use PayID to make payments in Australia, where it's supported by most banks and building societies.

The payment process is simple and instant, working 24/7 with no waiting times.

You don't need to share your bank details or the recipient's bank details, making it a safe way to send money.

Osko is the first consumer service to be built on the New Payments Platform to use the PayID functionality. Developed by BPAY, Osko is a payment system.

It leverages the capabilities of the New Payments Platform to offer instant payments. Osko works in conjunction with PayID to provide the same instant payment system.

This system is available 24/7, allowing for payments to be made at any time. Conducted through a customer's existing banking channel, Osko makes payments easy and convenient.

Using PayID is a breeze, and it's a game-changer for making payments.

You don't have to search for the recipient's bank details and double-check them before initiating the payment, making it a much simpler initial process.

The actual payment processing is instant and works 24/7, so there are no waiting times. This means you can send money at any time that suits you.

PayID is also an accurate system because you can check the recipient's name once you've entered their email address or phone number in the payee confirmation step, reducing the risk of accidentally sending money to the wrong account.

You can use PayID in Australia, where most banks and building societies support this type of payment.

To make a payment, you only need the PayID of the person you want to send money to, and you can do it through your bank's app or website, providing that it accepts this payment system.

PayID offers a quicker alternative to traditional bank transfers, with transactions taking almost no time at all.

Unlike traditional bank transfers, PayID isn't confined to banking hours, making it perfect for urgent or everyday transactions.

PayID's integration with your bank also means lower fees and streamlined processes, making it more cost-effective than managing separate online wallets.

PayID offers a major advantage over cash by eliminating the risk of loss or theft.

Transactions with PayID are digital, instant, and can be completed from anywhere, making it a convenient alternative to physical cash.

Using PayID also simplifies financial tracking and security, making it a more reliable option than cash.

PayID offers a quicker alternative to traditional bank transfers. Transactions are nearly instantaneous.

Bank transfers, on the other hand, are confined to banking hours. This can be a problem if you need to send money urgently.

PayID transactions aren't bound by banking hours, making it ideal for everyday transactions.

PayID has a significant advantage over online wallets in terms of cost-effectiveness. Lower fees are a direct result of PayID's integration with your bank.

One major hassle with online wallets is managing multiple balances and accounts, but PayID eliminates this problem. Your bank's existing verification process also speeds up the setup process.

In contrast to online wallets, PayID doesn't require you to juggle multiple accounts, making it a more streamlined option. This integration with your bank also enhances user convenience.

PayID offers a range of benefits compared to other payment methods. Transactions are digital, instant, and can be completed from anywhere, eliminating the need for physical cash or visits to the ATM.

One of the biggest advantages of PayID is that it eliminates risks of loss or theft, making it a more secure option than cash.

With PayID, transactions are nearly instantaneous and aren’t confined to banking hours, making it ideal for urgent or everyday transactions.

This is particularly convenient for everyday transactions, where speed and accessibility are crucial.

PayID also integrates directly with your bank, leveraging its security measures without the need to juggle multiple balances or accounts.

This integration results in lower fees and streamlined processes, making PayID more cost-effective and easier to use than managing separate online wallets.

Using PayID's integration with your bank's verification process speeds up the setup process, enhancing user convenience.