Creation of PayID in Online Banking
Having a PayID means you can send or receive money faster, with funds going into or out of your account within 60 seconds in most cases.
But how to create PayID in an Internet bank, and what are the steps you need to follow? Let’s find it out with this easy-to-understand guide.
What is PayID? General Overview of the Payment Provider
In simple words, PayID is a direct banking transfer method that gives you an opportunity to carry out instant and risk-free transfers on a diversity of virtual networks.
All you need to get started with PayID payments is to register and open an account, fill in all necessary details, and connect it to your bank account. However, the most notable thing about this payment option is that right after creating your account, you can modify your ID to your email address, ORG ID, or even your phone number, which is probably the easiest to remember for you.
As such, whenever you want to transfer or receive funds, you must provide your ID instead of long and complicated account numbers.
What’s more, PayID is also known for its top-notch safety policies. So, when using this payment service for your daily transfers, you can be sure you are protected from possible hacks and verify all data of your previous transactions to stay informed.
How to Create PayID in The Internet Bank
The process of creating PayID in an online bank is pretty simple and doesn’t require any complicated steps. All you need is to complete the steps described below.
- Go to Your Internet Bank Website: Navigate to your bank’s official website and log into your account.
- Open the Main Menu: Head to the Menu section and choose “Services.” On the opened page, click the “Create PayID” button.
- Provide Your Details: Fill in an active email address, phone number, Organization IB or ABN, and press “Next.”
- Choose an Account: Pick the account you want to connect the PayID to and choose the PayID name. You can register PayID only with one bank account. However, once created, it can be transferred from one account to another.
- Agree with The Terms: In this phase, carefully get acquainted with all the terms and conditions of PayID, and if you have no concerns, accept them.
- Enter The Code: The platform will send you a special code to your given email address or phone number; fill in the code and click “Next.”
Once you complete all these steps, your PayID will be created, and you can use it for future transactions and payment activities.
Why Use PayID for Online Transactions
PayID is a highly compatible payment solution in Australia. Not only is it used in basic sectors of people’s lives, such as shopping, transfers, etc., but it also has found its place in the online gaming industry. To be more accurate, today, you can find many PayID casinos in Australia that have added PayID among the top payment services for deposits and withdrawals. Thus, you can opt for this option for safe and seamless transactions when engaging in your favorite games.
However, what makes PayID one of the first choices Australian users have? What sets it apart from other globally-known payment services? And what can you expect to get when paying through PayID?
Actually, there are multiple notable differences PayID users will experience when compared to utilizing traditional banking solutions. Here, let’s have a look at the core ones.
- Individuals and businesses can make transfers without providing BSB or account details.
- Eligible banks will get payments made through PayID almost instantly.
- Since PayID shows the name of the recipient, you can easily confirm the identity of the person you are going to send funds to beforehand.
- Your sensitive data and confidential information are safe and sound thanks to the company’s advanced safety and protection measures.
In addition, the setup process is quite easy, and you will not experience any issues when getting started with the platform.