What is a PayID? Australia's New Payments Platform is coming
In this second instalment of our news article series on the New Payments Platform we’ll be taking a closer look at PayIDs.
The smart addressing service that will make sending money quicker and easier. This is the second in a four-part news series where we’ll give you all the information you’ll need to be ready for the NPP.
Update #2 | What is PayID? | When will I use it? | BSB and account numbers | Register a PayID | Mobile Banking App update
What is a PayID?
Remembering BSB and account numbers isn’t easy.
A PayID is a smart address for real-time payments that’s easy to remember – like your mobile phone number, email address or Australian Business Number (ABN) if you have a business account. Soon you’ll be able to register a PayID with Credit Union SA and link it to an account of your choice.
Then, when someone needs to pay you, just give them your easy-to-remember PayID instead of your BSB and account number. Simple!
A PayID can only be linked to one account at a time. So, if you have two personal everyday accounts then you’ll need two PayIDs – one for each account.
When will I use a PayID?
When it launches early 2018, PayIDs will make paying people super easy.
Friends owe you money for dinner? Give them your PayID and the money they transfer will be in your account in seconds. Buying something second hand off Gumtree? No need to bring cash, just get the seller’s PayID and you can pay them on the spot.
You will also be able to include a longer description with your payments, up to 280 characters, so it will be easier to keep track of your money.
What will happen to BSB and account numbers?
PayID is just an easier way to pay – it won’t be replacing regular transfers using BSB and account numbers or BPAY. You can choose not to register a PayID and continue using BSB and account numbers to pay or get paid by others.
How do I register a PayID?
You will be able to register a PayID from early 2018 through Internet Banking or our Mobile Banking App.
We’ll be in touch with all the information you’ll need to register closer to the launch date, so when the NPP goes live you’ll be able to enjoy the convenience of faster payments using memorable PayIDs straight away.