You'll only be able to send or receive PayID payments if your friends and family are with a participating financial institution. Not all Australian financial institutions will be using the New Payments Platform (NPP) when it's launched. For a list of participating banks, see the NPP website.
You can still make and receive payments with these friends and family using a BSB and account number, but the payment may not be transferred in real time.
1 For security reasons, a hold may apply on first time payments. The delay allows fraud security checks to take place and gives you time to alert us to unauthorised or suspicious activity on your account. Subsequent payments should be received in under a minute.
2 We’ll cover any loss due to unauthorised transactions on your account, as long as you protect your cards, devices, client numbers, PINs, passwords and any other access methods, and immediately notify us of their loss, theft or misuse or any suspicious activity on your account.