Definition
PayID is an Australian service that links an easy identifier, such as an email address, mobile number, or ABN, to a bank account. Payers send money to the PayID instead of entering a BSB and account number. Payments run on the New Payments Platform and usually arrive within seconds, any time of day.
Also called: Osko, PayID payment, NPP payment, PayTo
PayID in practice
Businesses can register an ABN or a business email as their PayID through their bank. Before the payment goes through, the payer sees the account name linked to the PayID, which helps confirm they are paying the right business.
Scammers sometimes claim a PayID payment needs an upgrade fee or a business account before it can be released. Genuine PayID payments never require the recipient to pay anything.
PayTo, also on the New Payments Platform, lets customers authorise businesses to take recurring payments directly from their account, as a modern alternative to direct debit.
Example
A Hobart florist adds "PayID: 12 345 678 901 (ABN)" to her invoices. A corporate client pays a $640 invoice at 9pm on a Sunday, and the money is in her account straight away.
Frequently Asked Questions
Is PayID safer than giving out my BSB and account number?
It reduces typing errors and shows payers your registered account name before they confirm. Your bank details stay private, since payers only see the PayID and name.
Can businesses use PayID?
Yes. Most Australian banks let business customers register an ABN, email, or mobile number as a PayID for their business account.
Related terms
- BSB number A BSB number is the six-digit code that identifies an Australian bank and branch, usually written in the format 123-456.
- BPAY BPAY is an Australian bill payment service that lets customers pay invoices through their own online banking using a biller code and a customer reference number.
- Payment link A payment link is a URL that opens a secure page where a client can pay a specific invoice or amount online by card, bank transfer, or digital wallet.
- Autopay Autopay is an arrangement in which a client authorizes a business to charge their card or debit their bank account automatically each time an invoice is due.
- ABN An ABN, or Australian Business Number, is an 11-digit number that identifies a business to the Australian government and other businesses.
This page is for general information only and is not legal, tax, or financial advice. Rules change and vary by location, so consult a qualified lawyer or accountant about your situation.