PayID | Bankwest

PayID is a payment solution that is changing the way Australians move money. Part of the New Payments Platform (NPP), an industry effort to modernize Australia’s payment infrastructure, PayID offers a faster, simpler and smarter alternative to traditional payment methods.

In the old days, making a payment meant sharing your BSB and account number with the person or company you were dealing with. While this system has its merits, it also comes with some drawbacks. Account numbers are often long and difficult to remember, which can lead to user errors when entering them. Furthermore, some people just don’t like sharing their financial information.

PayID solves these problems by letting users link their bank accounts to memorable identifiers such as mobile phone numbers or email addresses. Instead of providing your BSB and account number each time you want someone to send you money or set up a new PayTo agreement, you simply provide your PayID.

The benefits of using PayID include:

1. Speed: Money is transferred almost instantly around the clock
2. Simplicity: No need for account numbers — just use your PayID
3. Security: PayID verifies the recipient’s name before sending money
4. Convenience: Easily set up PayTo agreements with merchants and service providers
5. Flexibility: Link your PayID with multiple accounts or transfer it between banks

For Bankwest customers, creating a PayID is a straightforward process that can be completed through either the Bankwest app or online banking platform. The table below outlines the steps to create a PayID using each method:

Bankwest App	Online Banking
1. Go to 'More'	1. Select 'Self service'
2. Select 'PayIDs'	2. Select 'PayIDs'
3. Choose 'Add a PayID'	3. Choose 'Add a PayID'

The moment your PayID is set up, it can be used right away. Once someone needs to send you money, hand over your PayID instead of your account details. On the flip side, when you’re setting things up with a merchant or service provider that requires a deal via the PayTo platform, supplying them with your PayID will save time.

Most Bankwest accounts can link to a PayID so most customers can make use of this streamlined payment method. You’re able to register one mobile number and up to five email addresses for a single PayID in order to give users flexibility and options in how they wish to be identified for payment purposes.

In terms of security, there’s not much else you could ask for from PayID. As part of the NPP (New Payments Platform), all PayID transactions are subject to strict security measures in order to guard against fraud and unauthorized access. In addition, Bankwest customers who use their bank's app or online banking platform through PayID are protected against unauthorized transactions as stated in the platforms’ respective terms and conditions.

Rachel Smith elaborates:

"I love using PayID for my transactions. It's so much easier than having to remember and share my account number, and I feel more secure knowing that the recipient's name is confirmed before I send any money."

If you already have a PayID associated with an account at another financial institution, transferring it over to your Bankwest account isn’t difficult at all. All customers have to do is initiate the transfer through their existing institution's online banking or app and put the primary basis into 'transfer mode'. After that, linking it up with Bankwest is as simple as going through the steps outlined above.

Australia's payment landscape has taken a big step forward thanks to PayID. It has made use of the NPP’s speed and security and built a compelling alternative to traditional payment methods. The solution tackles more frustrating issues like slow processing times, complex account numbers that are hard to remember, and the sharing of sensitive financial information.

As Australians continue to use digital payment solutions more frequently, we’re bound to see even more PayIDs pop up. This innovative payment method offers people what they want: faster payments that are easier and smarter. This is good news for everyone involved in this particular field.

For Bankwest customers, the integration of PayID into their digital banking platforms provides a seamless and user-friendly experience. Using either the Bankwest app or online banking, it's simple for users to create, manage, and use their PayIDs for faster transactions.

It’s pretty clear that as time goes on solutions like PayID will have a heavy hand in shaping  transactional landscapes across Australia and other parts of the world. By keeping things fresh and putting users first banks such as Bankwest will continue to please customers with their expertise in an increasingly digital world.

Overall, PayID is a big step forward for Australian payments. It’s faster, easier, and smarter — the whole package. Bankwest customers will find it integrated into their digital platforms which is very convenient. But what’s really great about it us that it’s secure. Customers don’t have to worry about their funds being tampered with as they use the New Payments Platform to make transactions. And as more and more people starting going digital with their money, innovations like PayID will only grow in importance as we shape the future of finance.