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PayID Is Now Live – Available for Business and Personal

When it comes to remembering your banking details like your BSB and account numbers, most people simply can’t.

That’s where a PayID can help

PayID is a simple new service that makes sending and receiving money from your bank account a little bit easier. You create your PayID by choosing something easy to remember, like a phone number, and registering it with your bank who will securely link it to your chosen account. Then to get paid, you simply share your PayID.
Your PayID is a number unique to you, registered with your bank, that will be securely linked to your nominated bank account.

How does PayID work?

The first step is to create your PayID. Your bank, building society or credit union will let you know when you can do this and you’ll be able to do it within your usual mobile or internet banking.
Once you have created your PayID, the next time you want someone to pay money into your account, you simply ask them to pay it to your PayID. And if you need to pay someone else, simply ask them for their PayID.
The option to pay to a PayID will appear within your normal mobile or online banking. Every bank does this slightly differently. In some, the ability to pay a PayID will automatically appear as an option. In others, you may be required to choose an payment first. Over time, we expect other payments products and services will include the option to pay a PayID.

Fewer mistakes

When you enter a PayID, the name of the person who owns that PayID will be automatically shown. All you have to do is simply confirm it’s the right person as part of authorising the transaction. Once approved, your bank will securely communicate with theirs, sending the money into their account. And as part of an Osko payment, the money will be transferred and ready to use, usually within a minute.

It’s really that simple!

Which banks offer PayID?

PayID has been developed and will be offered by most Australian banks, building societies and credit unions via the New Payments Platform. For a full list of participating financial institutions click here.

PayID for business

If you’re a business owner, PayID can make life simpler for your customers.


A PayID can be added to invoices and when used with a product like Osko, your payments will be settled in real time.

And when your customers pay to your PayID, they’ll be shown the name of your business which means they are less likely to make a mistake.

Organisations developing a service or product that would like to incorporate the PayID functionality should visit


For your business accounting needs contact our office today 49336888 or visit our website

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Bottrell Group
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