Five million PayIDs registered in Australia
Five million PayIDs have now been registered by Australian consumers and businesses looking for a simple and cashless way to receive instant payments straight into their bank account.
The service, which is available in the internet or mobile banking of nearly 90 Australian banks, credit unions and building societies, was launched when the New Payments Platform went live in February 2018.
PayID enables users to receive instant payments into a bank account via a simple identifier, like a phone number, email address, ABN or business name, instead of a BSB and account number.
It replicates the speed and ease of cash, while also providing additional assurance through a payee confirmation step – the ability to see the name of the person or business associated with a PayID prior to a payment being made. This confirmation step reduces payments being mistakenly made to the wrong person or business.
Since its launch, people have turned to PayID as a simple and cashless way to pay family and friends, from splitting bills to sending money to family members during emergencies.
“Research suggests to us that the uptake of PayID has been largely driven by word–of–mouth and the experience of paying another person’s PayID,” said CEO of NPP Australia, Adrian Lovney.
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