PayID is an initiative of New Payments Platform Australia and will be offered by most Australian banks and financial institutions to their customers. It will make getting paid or paying someone a lot simpler and faster - it currently takes several days for payments between banks to be checked, then ‘cleared’.
What’s a PayID?
A PayID will be unique to you. Depending who you bank with it could be your:
- Phone number
- Email address
- Australian Business Number (ABN)
- Organisation Identifier
You can only link one PayID to one account at one financial institution. For example, if you have two personal everyday bank accounts, you would need two unique PayIDs – one linked to each account.
When you’ll use a PayID
When this new service launches, you’ll be able to give your PayID to someone so they can transfer money to you and you’ll receive it straight away. It’s a great way for friends to pay you back quickly, for example if you cover the bill at lunch.
And if you need to pay someone, you only need their PayID to transfer money directly into their bank account. You can also include a longer description with your payment so it’s easier to keep track. And when you receive a payment, you’ll see who’s sent you the money and their accompanying message.
Note: There are no plans for this to cover international transfers.
Five things you need to know
- Simpler: It’s easier to remember your PayID rather than a BSB and account number. As a result, there’s no scrambling to find numbers which means getting paid (or paying someone) is simpler.
- Faster: Rather than waiting days for payments to ‘clear’, most PayID payments between banks are immediate.
- It’s secure: Banks and financial institutions are working together closely to make sure the highest security and fraud prevention measures are in place. As an additional security measure, the first time you pay someone new, the money you transfer across won’t instantly appear in their account. This precautionary check may protect you against falling victim to fraud.
- BSB and account numbers will still exist: PayID is simply a new way to pay – it won’t replace regular transfers or BPAY. If you would prefer not to register for a PayID, you can still use BSB and account numbers to pay or get paid by someone. Using a PayID is quicker though.
- You need to register for a PayID: If you bank with us, we’ll invite you to register. You can then give your PayID to people to pay you.
How to get your PayID
Faster, easier payments will be available in early 2018. At launch you’ll be able to create your PayID via the CommBank app.
To be notified about the launch of PayID, simply log in to NetBank, then click 'Notify Me'.