PayID is a simple service that makes paying money into someones account easier. You can create a PayID by choosing something easy to remember, like your phone number, and registering it with your bank. The next time you want someone to pay you, instead of sharing your BSB and account number, simply share your PayID.
In most cases, you can create a PayID in your participating financial institution’s mobile or online banking.
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 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.