What is PayID and how do you use it?

Do you have your BSB and bank account number memorised? Probably not, right?

Whether you know them or not, you need those numbers to receive payments. But what if I told you that you can make transactions without those pesky numbers. That’s what PayID is for.

PayID is a piece of information–like your phone number or email–that is linked to your bank account and allows you to receive payments.

After you’ve set up your PayID you can share that info with anyone that might owe you money.

For starters, you need to check if your bank offers a PayID option. Most Australian financial institutions offer this feature, so chances are you have access to it.

Once you figure this out, all you have to do is get on your mobile banking app or internet banking website to sign up. Be mindful that there might be a couple of security steps you’ll have to complete, such as confirming your identity.

After that you can start sharing it with your friends, family or anyone who wants to deposit your money. 

PayID is like giving someone your banking details. So if your family or friends want to send you money, you can give them the ‘ID’ instead of your BSB and account number. 

Yes! PayID is part of the New Payments Platform structure which is designed to help you make secured, fast and easy online payments between other financial institutions. 

Many banks offer a 100% online banking security guarantee for PayID payments. However, if you have any doubts or questions, make sure to reach out to your bank for more information.

If you’re looking for more on different types of products or features offered by banks, make sure to deep dive into Mozo’s banking guides. Alternatively, if you’re looking to change bank accounts start comparing bank accounts below.