How Does PayID Work?

PayID is a simple and convenient way to make payments in Australia. It allows you to link your bank account or credit card to a unique identifier, such as a mobile number or email address, making it easy to send and receive money.

Here’s how PayID works:

1. Set up your PayID: You can create a PayID through your bank’s online banking platform or mobile app. Simply link your bank account or credit card to a unique identifier, such as your mobile number or email address.

2. Receive payments: When someone wants to send you money, they can use your PayID as the recipient’s details. They don’t need to know your account number or BSB.

3. Send payments: To make a payment, you can use the recipient’s PayID instead of their account details. This makes transactions faster and more convenient.

4. Instant transfers: PayID transfers are usually instant, meaning the recipient will receive the money in their account immediately.

5. Security: PayID uses advanced security measures to protect your financial information. Your account details are not shared with the sender or recipient, ensuring your privacy and security.

PayID is widely accepted by banks, credit unions, and other financial institutions in Australia, making it a popular choice for personal and business transactions.