PayID is a simple system enabling you to use an email address or phone number as a ‘shortcut’ to your existing bank accounts. Once you set-up a PayID, instead of giving your banking details to someone to transfer money you can just give them your chosen contact details as a shortcut to that account.
A PayID can be an email address, a registered ABN, a mobile or landline phone number which is a lot easier to remember rather than giving people your BSB and account numbers! When someone pays you through a PayID, they see the name you choose to display alongside your PayID details so they will be sure it’s really you they’re sending money to.
Why use a PayID?
- PayID payments happen instantly, even between accounts at different banks.
- You can create more than one PayID using different contact details and link them to different accounts.
- A PayID can be moved between your accounts if you want to change which account you use to send and receive transfers.
How do I set-up a PayID?
After logging in to your First Option internet banking you connect a PayID to an account from the My Preferences menu.
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Are PayIDs safe?
Yes, it works within the security of the First Option Bank’s internet and mobile banking platform so it is safe and secure. PayID transfers also include a confirmation step before each payment is made so you can check you are paying the right person or business each time.
More information?