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Making payments online is an act we’ve all become familiar with over the last 20 years. Our online payment options have expanded from credit and debit cards to payment apps, e-wallets and more. PayID is one of those new options for making mobile payments. Since PayID was launched in 2018, it has become one of the most popular ways to send and receive money across Australia.
The success of PayID is largely due to the security and convenience it offers. It negates the need to enter long bank account numbers — and the potential for typos that those long numbers bring. Instead, users create a PayID account using an email address, mobile phone number or ABN. PayID then verifies the user’s identity and account with their bank or financial institution and the account is set up and ready to use.
PayID is offered by over 100 banks and financial institutions, including some international options, while others are Australian. They include major names such as American Express, Citi and ING, alongside regional institutions such as Goulburn Murray Credit Union, Queensland Country Bank and Broken Hill Community Credit Union. With so many options, people across Australia and the world have easy access to a PayID-supporting institution.
Since PayID lets users see the name of the person or business that they’re sending money to, it reduces the chances of money being sent to the wrong account. While there have been some concerns raised about fraudsters using PayID to scam individuals selling goods online, this isn’t a problem unique to PayID.
In addition to paying friends and family members, there are many reasons to use PayID rather than another online payment method. Below are some of the top places to use PayID in 2024:
Betting sites
Sports betting has been a part of Australian sports culture for decades. The most popular sports to bet on in the country are rugby, cricket, Australian rules football, horse racing and tennis. The move to online sportsbooks has made sports betting even more popular and more accessible.
The security that PayID offers makes it a popular option for making deposits at sports betting sites. There are many ways to find PayID betting sites, such as AussieBet.com. On this site, users can narrow down their bookmaker options and find one that meets all their needs — and accepts the payment methods they prefer to use.
Many of the leading betting sites in Australia and worldwide accept PayID, including bet365, Betfair, Dabble and Palmerbet. PayID can’t prevent users from making bad bets, but it can protect their funds and limit the likelihood that they’ll be scammed or taken advantage of.
Investing sites
Online investing platforms have made investing in stocks, bonds and commodities more accessible than ever before. Individuals can now easily play the investing game without having to contract through a major firm or rely on a broker. There are now plenty of independent investing sites and most of them accept deposits made with PayID.
Investing in popular stocks through a trusted online marketplace is a safe way to participate in the market. However, the sudden popularity and accessibility of investing has led to an increase in untrustworthy investing sites as well. Using PayID lets users verify where they’re sending their money, and it can help to identify suspicious activity. This added security is one of the main reasons for its widespread use by independent amateur investors.
Money transfers
Money transfers between individuals are more common now that the popularity of using cash has decreased. Instead of having to wait until you see each other in person or mailing a check, people use payment apps to send money to friends and family. It’s faster and easier. Plus, with payment apps, you can send payment requests so that neither party forgets about the money that’s owed.
PayID can be used with most of the leading payment apps and money transfer sites. This is ideal for people with friends and family in multiple countries or who travel frequently. The most popular transfer sites that accept PayID include Wise (formerly TransferWise), Ria and Netbank.
Retail purchases
An increasing number of businesses are now accepting payments using PayID. There are benefits for both business owners and customers, particularly the convenience of it being supported by such a large selection of banks and financial institutions. Just like other digital payment methods, PayID payments are processed and transferred instantly.
It’s also a great payment method for recurring subscriptions from physical businesses. It is smart to use PayID with businesses that have yearly or monthly membership plans, such as gyms, yoga studios, golf clubs and cinemas. It’s easy to forget which account you’ve used when a payment is required only once a year, so setting up a payment through PayID can be helpful.
PayID obviously doesn’t have to be used solely for retail purchases made in person. The most common way that most people shop today is online. PayID is a great option for online purchases. This is particularly true with the rise of social media pop up shops. Being able to see who you’re paying helps to ensure that your money is going to the right shop.
