PayID is a new payment system initiated by the Australian financial services to offer its users fast, efficient, and secure services. A business or an individual can make payments using their mobile number or email addresses.
The recipients give their mobile number or email address, where the sender sees your name before approving payment, making it a secure system to receive payments.
Online casinos in Australia have embraced this payment method; for one, being a real-time process, secure, and fast process.
How PayID Payments Are Made
There are several steps used to pay using PayID and these are;
- Get the PayID of the person or company you wish to make payments to.
- Log in to your mobile banking app and choose the option of paying with PayID.
- The name of the recipient pops up. If it is correct, proceed and make approve for payment, and the money will immediately reflect in the recipient’s account number.
What are the Options Available for Withdrawing Using a PayID Verified?
With a PayID account, there is the possibility of making both deposits and withdrawals. However, the account must be verified at an earlier stage. If not verified, one will have to go through the verification process to be able to make a withdrawal.
In such a case, you must submit identification documents such as an ID card, passport, or driver’s license.
Advantages of Paying Using PayID
- Fast processing – This is a real-time processing system; the money hits the account in minutes when the transfer is done.
- Easy to set up – Being a free-to-use payment system, it has been made easy to set up using mobile banking or internet platforms.
- One can send and receive money with confidence – The fact that the system prompts you with the name of the person receiving the funds builds confidence in someone knowing that the money is safe.
- No subscription fee – There are no costs associated with making or receiving payments using this platform, and as such, it accommodates all regardless of the cash flows.
- Reduces chances of losing money – If you compare this platform with BSB, PayID minimizes such errors, and if the money is sent, one can take charge and reverse the funds immediately.
- Flexible – When operating using the payID platform, one can enjoy its flexibility because of the ability to transfer the monies to different bank accounts.
How to Sign Up for PayID
It is quite easy to sign up for PaID.
Step 1: Log in to the PayID website and navigate to find your bank.
Step 2: Choose your Bank account and link it to your PayID address (Which can be an email or a mobile number).
Step 3: Your bank account will confirm that you have linked the account and are ready to start receiving or sending money to other PayID addresses.
Final Thoughts to Note While Using PaID
While PayID is used to make online payments, it is worth noting that you can only link one PayID to one bank account. However, the joy is that you can create multiple PayID accounts using your email address and link them to the several bank accounts that accept the platform.