3 benefits of switching to PayID

We’re pretty excited about the New Payments Platform (NPP) which launched in Australia in February 2018. With new services such as Osko rolling out across the country as part of the NPP, we’ll start to see a huge shift in the way that Aussies interact with their money, and ultimately a simpler, quicker and safer approach to payments. An enormous part of the NPP is the introduction of PayID, and in this article, we’ll take a closer look at what this is, and how it benefits you.

What is PayID?

PayID is new way to address NPP payments and it’s designed to make money transfers easier. Rather than having to remember long BSB or account numbers, PayID makes it possible to send a payment to an email address or mobile number. To pay somebody via PayID, all you need to do is log onto your normal internet banking or app, where there will be an option to use PayID rather than an account number. It’s that simple.

As part of the NPP’s base infrastructure, there are all sorts of different benefits to PayID, but three of the most significant are speed, accuracy and privacy.

1. Speed

There are two components to PayID that make transfers faster. Firstly, the process of actually sending money is much quicker, as you don’t have to worry about finding the right BSB or account number, and then double or triple checking it to ensure your money goes to the right place. Secondly, thanks to integration with other elements of the New Payment Platform such as Osko, transfers via PayID are processed almost immediately and on a 24/7 basis, meaning you’ll have to spend less time waiting for a transaction to go through.

2. Accuracy

Another core benefit of PayID that makes it such an improvement over traditional payments is its accuracy. Once you’ve entered the appropriate PayID, be it an email address or mobile number, you’ll be shown the payees name before approving the transfer. This eliminates the possibility of accidentally sending money to the wrong destination if you enter an incorrect number.

3. Security

Thanks to PayID’s use of information that isn’t financially sensitive, nobody needs to reveal their bank account number, ensuring a greater degree of safety for all Australians. In addition, payments via PayID are treated with the same high level of security that your regular transfers via internet banking, mobile banking or phone banking receive, so there are no sacrifices to be made in favour of convenience.

The New Payments Platform is certified to the highest data security standards and monitored 24 hours a day, 7 days a week. All payments made on the platform are also subject to participating banks own real-time fraud screening and detection capabilities.

To find out more about the New Payments Platform and how it can help you send and receive money faster, get in touch with the Beyond Bank team today.

This information has been provided without taking into account your objectives, financial situation or needs. Beyond Bank Australia, a trading name of Community CPS Australia Ltd, 100 Waymouth Street, Adelaide, SA 5000 (ABN 15 087 651 143, AFSL / Australian Credit Licence 237856).