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PayID
PayID is an easy way to send and receive money from Australia. With PayID, only the recipient's unique mobile number, email address, or ABN need to be used.
Method
PayID
LPM Market Share
4%
Payments
Yes
Refunds
Yes - full refunds only
Type
Bank Transfer
Local Card Scheme
Users
12.7M
Disbursements
Yes
Yes
Chargebacks
$25.00
Authorization currency
AUD
Authorization
speed
speed
Instant
Recurring
No
No
Reasons for Popularity
Widespread Adoption: As of November 2022, over 12.7 million Australians have registered for PayID, reflecting its extensive reach and acceptance across the country
Instantaneous Transfers: PayID facilitates near real-time payments, enabling users to send and receive funds almost instantly, enhancing the efficiency of personal and business transactions
Enhanced Security: By using simple identifiers and operating within the secure environment of users' existing online banking platforms, PayID reduces the risk of errors and fraud associated with traditional bank transfers
