Are you yet another Aussie who doesn’t know how to set up PayID? If so, don’t worry. In this guide, we will explain the steps in this process and inform you of some benefits of using a PayID.
Let’s get started!
What is PayID?
You may have heard about a new banking feature called PayID. But what is PayID, exactly?
PayID is a unique identifier linked to your transaction account. It is a centralised addressing service that allows you to link your bank account with personal information unique to you, such as your mobile number, email address, or ABN/ACN.
How does PayID work?
PayID is designed to make it easier for people to send and receive money. Once you learn how it works and how to create your own PayID, you can start using it for payments.
Here’s how PayID works:
- Users create a PayID account with their bank or other financial institution. Once they have an account, they can link it to their email address or phone number.
- When they want to send or receive money, they simply input the recipient’s PayID into the system. The money will then be transferred immediately, without the need for cumbersome bank details or account numbers.
Australia’s four big banks—ANZ, Commonwealth Bank, NAB, and Westpac—have all signed up to the PayID system, which means that customers of these banks can use PayID to send and receive payments.
How do I create PayID?
If you want to register your PayID, the process is quick and easy. You can do it through your bank’s app or your online banking profile.
The process of creating your PayID may be different on each bank’s app or online banking platform, but the gist of it is you can do it through your settings. Whichever bank you use, you can create your PayID using your mobile number, email address, or an ABN/ACN.
If you want to know how to set up PayID, just go to your banking app or online banking platform‘s settings. As this process is different on each platform or app, the option of creating your PayID can usually be found in the Payments, Services, or Manage PayID menu. You’ll just need to follow the instructions and use a mobile number or email address unique to you, where you’ll receive a verification code which you’ll use to complete the registration process.
Once linked, you can simply submit your PayID for payments instead of providing your BSB and account number. If you run a business, PayID allows you to receive payments from consumers quickly, easily, and securely.
How many PayIDs can I create?
You can create multiple PayIDs, but they must all be linked to the same bank account. If, however, you want both a personal and a business PayID, you need to link different unique identifiers to different accounts (for example, you can use your mobile number to create a personal account, and an email address to create a business one).
You can also have different PayIDs for different purposes – so you might have one for making payments and another for receiving payments. There is no limit to the number of PayIDs you can create, as long as they are all linked to the same account.
What are the benefits of PayID?
There are many benefits of using PayID:
- While creating your PayID, you can use something that’s easy to remember (such as your mobile number or email address).
- Your BSB and account number stay private; you don’t have to share them with anyone since you’ll be using your unique identifier.
- When you make a payment to a PayID, you can see the name of the person who owns it before you approve the payment. Therefore, you won’t have to worry about sending money to the wrong person.
- There are no fees involved, and it’s available 24/7.
You might be interested in Australia’s most widely used bill payment service BPAY.
Now that you know how to set up PayID, you can enjoy fast and safe payments. If you don’t already have a PayID, you can consider setting it up. Whatever you decide, we hope you found this article informative and useful.
1. Do all banks have PayID?
No, not all banks support PayID. However, the major banks in Australia (such as CommBank, NAB, ANZ and Westpac) all support PayID.
2. How long does PayID take to set up?
It shouldn’t take you more than five minutes to register your PayID account. If you get stuck during the process, read our guide on how to set up PayID.