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Young woman small business owner in her clothing store using a tablet to send an invoice using a Pay ID

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 iBank, download the bcu Connect mobile banking 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.

We also have an article which explains Osko by BPAY - the first service on the NPP which will allow bcu members to instantly process payments 24/7.


Important information

Information on this website is general and has been prepared without taking into account your objectives, financial situation or needs. You should consider whether this information is suitable for your objectives, financial situation and needs before acting on the information provided.