Many Australians have already created PayID
Those who go out to dinner with friends and family, endure the trouble of sharing their bills, or desperately find ways to pay mechanics without proper cash, are increasingly adopting the latest payment methods.
In February, the "new payment platform", (New Payments Platform,NPP, was launched to allow bank customers to transfer money using their mobile phone number or email address. This means that the teller no longer has to enter someone's BSB number or account number or worry that he or she doesn't have the right cash to find someone else.
In the five months since it was launched, 1.6 million Australians have established new payment identities-also known as PayID, which can carry out round-the-clock real-time transfers.
More than 60 financial institutions have joined NPP after months of negotiations, allowing customers to make real-time payments via Osko, a service that allows customers to use mobile bank app or log in online to make peer-to-peer payments. At present, not all agencies have opened the service.
As long as customers' banks join NPP, they can create their own PayID, for real-time transfers, said NPP Australia CEO Adrian Lovney. Now the four big banks have opened the service.
"they can sign up for an PayID, that can be easy to remember-like your phone number or email address-instead of BSB or account number. PayID can only be used to transfer money to you," he said. No one else can transfer your money through PayID. "
Using PayID also helps reduce the likelihood of payment errors or input of incorrect bank information from payees, Lovney said.
More than 200,000 customers, or 20% of Orange Everyday account holders, have created PayID., according to (ING), a Dutch group.
According to the latest data, transactions paid using Osko exceed 9.5 million yuan, with an average payment of about $120.
Nick May, managing director of Beyond Bank's customer experience, says 25 percent of their customers have created PayID, to make real-time transfers.
"it's a real-time payment," he said. "you don't have to wait 24 to 48 hours. Usually it can be used to transfer money to family and friends. It is very simple. "
How to create a PayID
-find out if your bank offers PayID, through your bank's app, banking website or call the bank
-choose what you want to use as your PayID, usually your phone number, e-mail address, or ABN.
-verify the information you use with your bank.
-when someone transfers to you, you can give them your PayID, without providing your BSB number or account number.
-your bank app offers options to choose whether to transfer to a bank account or PayID.