What’s a PayID?
A PayID is a unique identifier linked to your bank account that’s used to send and receive payments. As it’s just a mobile number or email address, it’s simple and easy to remember.
After you’ve set up your PayID, you can share it with people that need to pay you (like splitting the bill at dinner) or merchants/service providers that you’re setting up a PayTo agreement with. This means you don’t have to worry about sharing your BSB and account number.
PayID is part of the New Payments Platform (NPP), a major industry initiative to enable faster, simpler and smarter payments in Australia.
You can choose to register your mobile number or email address as a PayID and link it to an eligible bank account, or you can continue using your BSB and account number. Either way, you’ll benefit from the major improvements.