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A simpler and faster way to pay. Introducing PayID.

A simpler and faster way to pay. Introducing PayID.

You’ll no longer need to use a BSB and bank account number to get paid or to transfer money to someone - even if they bank with someone else. You can use a PayID.

PayID is a feature of the New Payments Platform (NPP) that’s supported by most Australian banks and financial institutions. It’ll make getting paid or paying someone a lot simpler and faster.

What’s a PayID?

A PayID is 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

You can 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

  1. 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.
  2. Faster: Rather than waiting days for payments to ‘clear’, most PayID payments between banks are immediate.
  3. 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 may not instantly appear in their account. This precautionary check may protect you against falling victim to fraud.
  4. 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.
  5. You need to register for a PayID: You generally need to register to create your unique PayID.

 

How to get your PayID with CommBank

You can register your mobile number as your PayID with CommBank. As well as an Australian mobile phone number1, you'll need an eligible CommBank account and the latest version of the CommBank app.

Follow these simple steps to register your mobile number as your PayID:

  1. Log on to the CommBank app
  2. Select PayID from the menu
  3. Confirm your mobile number
  4. Choose the account you want to use and the name others will see

 

1 To prevent fraud we can only allow you to register the primary mobile number already linked to your CommBank customer profile. If you would like to use a different mobile number or need to update your details please call 13 2221. 

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.