Remembering your bank details isn't easy
When it comes to remembering your banking details like your BSB and account numbers, most people simply can’t.
That's where a PayID can help
PayID is a simple service that makes paying money into accounts easier. You can create a PayID by choosing something easy to remember, like a phone number, and registering it with your bank who will securely link it to your chosen account. Then to get paid, instead of sharing your BSB and account number, simply share your PayID.
What is a PayID?
In most cases, you can create a PayID in your participating financial institution’s mobile or online banking. A PayID means you can receive payments to the account of your choice without having to remember the account’s BSB and account number.
Your PayID is information unique to you, like your phone number, email or ABN, that can be securely linked to your nominated bank account.
Your PayID can be the same number as your phone number, your email or your ABN. Just check with your financial institution which options they offer. The key is to choose something you can easily remember.
How does PayID work?
The first step is to create your PayID. You can do this typically via your usual mobile or internet banking.
Once you have created your PayID, the next time somebody needs to pay money into your bank account, you can give them your PayID instead of your BSB and account number. And if you need to pay someone else, simply ask them if they have a PayID.
When it comes to paying another person’s PayID, you should find the option to do this in your participating financial institution’s online or mobile banking. Depending on who you bank with, the ability to pay to a PayID may automatically appear as an option, or you may be required to choose an Osko or fast payment first.
When you enter the PayID you intend to pay, the name of the person or organisation that owns that PayID will be confirmed before you make the payment. All you have to do is simply confirm it’s the right person or organisation and your bank will securely communicate with their bank, sending the money via the New Payments Platform into their bank account. And as part of an Osko payment, the money will arrive usually within a minute.
It’s really that simple!
How do I register?
The way you register a PayID could differ between banks, but in most cases you create a PayID within your usual mobile or internet banking. During the process select which account you wish to link your PayID or multiple PayIDs to. You will need to prove that you are the rightful owner of the information you are using for your PayID and the bank account you are linking it to – the way you would usually identify yourself when dealing with your bank.
If you have more than one account you can register a different PayID for each account.
Just remember, a PayID can only be linked to one account at any given time and if you have a joint account you can have multiple PayIDs linked to that account.