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.
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.