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Let’s find out more about this new payment option for Aussies and see how it works.
What is PayID?
In general, a PayID is an identifier that is exclusive to you. It is similar to your mobile number and an email address that you can link with your bank account to send and receive payments. After you have linked this unique identifier to your bank account, you can provide your PayID number for payment instead of giving out your BSB and account number. PayID helps to make deposits quicker, safer, and easier. You can also use someone else’s PayID to transfer money to them.
PayID and Osko payment services are launched as a package of the New Payments Platform or NPP. It signifies that you will be able to use your PayID identifier number to get money quickly to the recipient through Osko.
How Does PayID Work?
Your PayID is connected with your bank account. When you wish to deposit funds at an online casino or retailer, there is no need to share your bank details and account number. You just need to share your PayID, which can be your email address or mobile number.
The PayID payment option will also ensure that you are transferring funds to the right person. When you are sending money and making a payment through PayID, the name of the individual, who is the owner of that PayID number, will be displayed. This will help you know that you are sending funds to the right person. Once you have confirmed the recipient's PayID account, the money will be transferred instantly to their account.
How Do I Pay Someone With PayID?
First, you will need to register PayID with your bank or financial organization. If you want to make a payment through mobile, you will be required to download the ING Australian Banking app and follow the process to create your account. If you want to make payments through your desktop, you will be required to log in to online banking and then create your account.
The process to send money with PayID is simple.
- Got to the CommBank app.
- Choose 'Pay someone' from the app page.
- Enter the PayID number of the person where you want to send the amount. The PayID can be the mobile number or the email address.
- Fill in the amount you want to transfer and add the description in the provided space.
- Check the details once again and confirm the payment.
Why Pay With PayID?
There are several differences between the PayID payment option and other payment options. Here are a few of the benefits of using the PayID payment option:
- The sender can send the payment to the recipient without knowing their bank details. The sensitive details will be protected by the unique payment identifier number.
- PayID payment option is secure as it is protected by encryption technology.
- When you will send the payment with the PayID method, the name of the recipient will be displayed; thus making it convenient and easier for the sender to make quick and assured payments.
- The fund transfer is processed very quickly.
- The amount will be received to the linked bank account quickly.
PayID Payment Option at Online Casinos in Australia
Several online casinos cater to players in Australia. The majority of Aussies casino players prefer playing real money casino games for much-needed entertainment and to earn quick money.
Because real money casino gaming has become very popular in the past few years, online casinos are doing their best to introduce safe and secure payment options so that players can make transactions without disclosing their banking details.
Many reputed Australian online casinos such as the Fair Go Casino have introduced PayID as an alternative for players looking for safe and quick casino payment options and we expect more to follow soon.
With the introduction of the new payment option, sending money to others has become quite simple and secure. You can make it quicker and convenient when you have a PayID.
