What is PayID and how do you use it?

sending money via payid

Do you have your BSB and bank account number memorised? Probably not, right?

Whether you know them or not, you need those numbers to receive payments. But what if I told you that you can make transactions without those pesky numbers. That’s what PayID is for.

PayID is a piece of information–like your phone number or email–that is linked to your bank account and allows you to receive payments.

After you’ve set up your PayID you can share that info with anyone that might owe you money.

How do I get PayID?

For starters, you need to check if your bank offers a PayID option. Most Australian financial institutions offer this feature, so chances are you have access to it.

Once you figure this out, all you have to do is get on your mobile banking app or internet banking website to sign up. Be mindful that there might be a couple of security steps you’ll have to complete, such as confirming your identity.

After that you can start sharing it with your friends, family or anyone who wants to deposit your money. 

How do I use PayID?

PayID is like giving someone your banking details. So if your family or friends want to send you money, you can give them the ‘ID’ instead of your BSB and account number. 

Is PayID secure?

Yes! PayID is part of the New Payments Platform structure which is designed to help you make secured, fast and easy online payments between other financial institutions. 

Many banks offer a 100% online banking security guarantee for PayID payments. However, if you have any doubts or questions, make sure to reach out to your bank for more information.

If you’re looking for more on different types of products or features offered by banks, make sure to deep dive into Mozo’s banking guides. Alternatively, if you’re looking to change bank accounts start comparing bank accounts below.

Bank account comparisons on Mozo - last updated 6 August 2022

Search promoted bank accounts below or do a full Mozo database search . Advertiser disclosure
  • Transaction Account
    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID
    1.75% p.a.

    Earn 1.75% p.a. interest on all balances. No monthly account fees. Winner of a Mozo Experts Choice Australia's Best Bank 2022^.

    Details
  • Choice
    account fee
    Payment Options
    interest rate
    $5.00$0 monthly account fee if you deposit min. $2,000 per month or are aged under 30.
    Apple, Pay, Google, Pay, Samsung, Pay, Fitbit, Pay, Garmin, Pay, Digital, Card
    0% p.a.

    $5 account fee waived when you deposit $2,000 each month (conditions apply). No account fee for customers under 30. Cardless cash feature. Apple, Google, Samsung Pay, Garmin, Fitbit and digital card pay. Partner discounts offered through Westpac App.

    Details
  • Everyday Options
    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID
    0.01% p.a.

    An easy, everyday banking account packed with flexible options to help you spend, budget & save better. You could get $25 plus Suncorp Bank will donate 25 meals to Oz Harvest. T&C’s Apply.

    Details
  • Glide Account
    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID, Samsung Pay, FitBit Pay, Garmin
    0% p.a.

    Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.

    Details
  • Classic Banking Account
    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID, Samsung Pay
    0.01% p.a.

    No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.

    Details
  • Go Account
    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, Samsung Pay
    0% p.a.

    Welcome bonus of 5000 Virgin Money Points (ends 31/8/22. Offer criteria & T&Cs apply). Plus earn points on every debit card purchase. Bundled with a high interest savings account. $0 monthly fees. Joint accounts available.

    Details

^See information about the Mozo Experts Choice Bank Account Awards

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