In preparation for the launch of the New Payments Platform (NPP) in early 2018, we explore the PayID.
Let’s face it; remembering your bank details can be challenging. With all the numbers, passwords and PIN codes in our lives, it can be hard to remember your BSB and account numbers.
That’s where having a PayID can help.
A PayID is a smart address for real-time payments that’s easy to remember – like your mobile phone number, email address, ABN or even Company Name. Soon you’ll be able to register a PayID with BCU and link it to an account of your choice.
Then, when someone needs to pay you, just give them your PayID instead of your BSB and account number. Easy-peasy! Imagine splitting the bill at dinner with your mates, or if you're a small business owner sending an invoice for payment easily to your customers. Simple as.
Pay the right person every time
If you’re ever worried about sending money to the wrong person, PayID can help. When you use a PayID to transfer money, the system will automatically show you the name of the person the PayID is registered to before you send the money. So you can be confident knowing your money is going to the right place.
BSB and account numbers will still exist
PayID is an easier way to pay someone – it won’t be replacing regular transfers or BPAY. You can choose not to register a PayID and continue using BSB and account numbers to pay or get paid by others (a PayID will be easier, though).
How you can prepare
If you haven’t done so already: sign up for BCU iBank, download the BCU Bank app, and make sure all of your contact details are up to date as you will need them preloaded in order to set up a PayID when ready.
For more information on PayID, check out the official website here.
You should also check out our previous article on the New Payments Platform here.