Your PayID is linked to your bank account. When you need to receive a payment, you don’t have to worry about sharing your BSB and account number – you can just share your PayID (your mobile number or email address).
PayID will help to make sure you're sending money to the right account, too. When you make a payment to a PayID, you'll see the name of the person who owns that PayID before you approve the payment. All you need to do is confirm it's the right person, and the money will be transferred almost instantly because PayID uses the New Payments Platform (NPP).