PayID is the name of the New Payments Platform addressing service. It’s a function of the platform that allows consumers to link financial accounts to easy-to-remember pieces of information such as phone numbers and email addresses.
Users will be able provide their PayID to people or organisations they wish to receive payments from. It’s about simplifying the payments process by using information that is easier to remember than traditional BSB and account numbers.
Consumers will be able to create a PayID with financial institutions connected to the New Payments Platform when it launches later this year. At the same time, organisations developing a service or product supported by the platform, may wish to use the PayID functionality as part of their service offering.
More information about PayID for consumers will be available later in 2017. In the meantime, you can read some frequently asked questions here.
If you are an organisation wishing to enquire about how you could use the PayID functionality in a product or service supported by the New Payments Platform, please email firstname.lastname@example.org