Benefits of NPP

5 things customers love about PayID

It’s been a couple of months since the launch of PayID, the first stage of Australia’s New Payments Platform. PayID is a faster, easier way to send money, making it possible to address payments using an email or phone number. In the weeks following PayID’s launch, we’ve spoken to all sorts of different customers about how the new technology is changing their banking experience for the better, and we thought we’d share some of that information with you!

So, without further ado, let’s take a look at five reasons why they’re loving PayID!

  1. It eliminates a need for cash

Despite the fact that we’ve been moving towards a cashless society for the better part of a decade, there are still plenty of situations where physical money is the most convenient. One standout example that our clients mentioned was workplace sports pools, lotto syndicates and group gifts.

Previously the options were cash (which not everyone would have on them) or a bank transfer (which could take several days to clear). With PayID, it’s possible to get the best of both worlds, by making payments easier to address and instantaneous.

  1. It allows for mistakes

We’ve all forgotten to pay somebody who we owe money to, or left it a little too late to get somebody a birthday present. In years gone by, bank transfer speeds would mean that correcting these mistakes would take another couple of days, but with PayID, there’s far more wiggle room.

Not only is the system PayID incredibly fast, but it operates 24/7. This means that even if you’ve got a party to attend on a Sunday afternoon, you can still transfer some cash and nobody will ever need to know you forgot.

You can also ensure money is going to the right place as once you enter someone’s PayID, their name will be displayed so you can confirm the transfer is going to the right person.

  1. It eliminates split bill drama

We’ve all been in situations where a large group of people need to split a dinner bill, and it can be a real pain going through each item and working out exactly how much each person needs to pay. Not to mention, some places won’t allow bill splitting for groups of a certain size, while others simply won’t allow it at all!

PayID fixes all of these problems, by making it possible for each member of a party of pay exactly what they spent into one person’s account. From there, paying the final bill is quick and easy, saving time and eliminating any disputes when the last person to pay is left with somebody else’s appetiser. Best of all, this works with everything from meals to taxis, making it simple for everybody to chip in.

  1. It can save you in an emergency

One of the other situations where cash has still traditionally been required is the emergency tradie call-out. Whether that’s to replace a lock when you’ve lost a key or to quickly fix a leaking pipe, cash is king in these scenarios, and being caught short can mean delaying the repairs or having to make a trip to the nearest ATM.

With PayID, this is no longer a problem. By being able to pay a tradie on the spot via online banking, there’s no need to worry about how much cash you have on you.

  1. It keeps you safe

Carrying a large amount of cash can feel a little bit unsafe, but sometimes it’s necessary. For example, if you buy an expensive item online – such as second hand furniture – you may need to pay when you arrive to pick it up.

Even if the seller is completely trustworthy, holding a few hundred dollars or more in your wallet can be a bit nerve wracking. Luckily, PayID completely eliminates the need to do this. Simply transfer the appropriate amount once you’ve checked the goods are as described, and the money will be with the seller in seconds. It’s safer for you, and saves them a trip to the bank to deposit the cash.

These are just a few of the benefits of PayID and the NPP. to find out more, contact Beyond Bank today.

This information has been prepared without taking into account of your objectives, financial situation or needs. Before acting on this information, you should consider its appropriateness, having regard to your objectives, financial situation and needs.