PayID is a direct way of sending or receiving money from different financial institutions, initiated in Australia in 2018.
It is a piece of unique information that is linked to a bank account with your mobile number or email address to make it easy to carry out the transactions as and when required.
Online casinos have embraced this payment method because it swiftly sends or receives money in real-time among other advantages.
While there has been a subsequent rise of online gambling casinos in Australia, many factors affect how gambling works, one of them being the desire to get a solution that is easy, fast, and secure.
Lucky enough, PayID is one of the solutions. Australian punters have done well in gambling and more so when they started to pay using PayID.
About PayID in Gambling
PayID in gambling, as mentioned, is a payment platform that provides fast, easy, and secure money transfers from one bank to another. The platform is based in Australia whose primary use is to help its users to send or receive money instantly.
Bettors who use online casinos no longer have to carry cash when going to play gambling games because of the safety it offers, and thus termed as PayID gambling.
Advantages of Having a PayID Account
When using a PayID account, you stand to enjoy numerous advantages;
- Protection from Fraud – You must verify your details if you wish to withdraw from a PayID account. This means that you cannot operate without your self-identity, thus putting security measures in place and keeping fraudsters at bay.
- A Free Payment System – It does not matter whether one is using a business account or a personal one; the bottom line is this is a digital payment system that is accessible to all.
- Minimizes Chances of Losing Money – Unlike a BSB account, where if you miss a digit, you risk losing money, PayID allows one to confirm the recipient’s names before making an approval.
- Easy to Remember – When it comes to PayID, you do not have to remember your BSB account number since the identifier code is your email or phone number.
How Do Bettors or Gamblers Get a PayID?
- Contact your Financial Institution – The aim of contacting your bank is to confirm if PayID is available to your account. Being a credible payment system, most banks in Australia offer the service.
- Setting up the Account – You can use internet banking or mobile banking app to set up the account.
- Linking the Bank Account – Link the PayID with your bank account to allow other people to make money transfers.
- Availability of Multiple PayID – Because you cannot link one ID to many accounts, one can open many PayID accounts and link them to either one account or different bank accounts, depending on one’s preference.
Conclusion
PayID has been proven to be one of Australia’s most convenient banking methods. It has remained a preferred solution to bettors who reside here. However, those practicing gambling outside Australia will need to pick other international payments.
We trust this method will continue impressing many Aussie citizens for swift transactions.
