A: The PayID payee confirmation step – the ability to see the name of the person who has registered the PayID – is a key benefit of PayID. It has been designed to reduce the likelihood of mistaken payments, as well as some cases of fraud.
Mistaken payments are a major issue for consumers – 76 per cent of Australians worry about paying money into the wrong account due to an error when inputting details.
When you create a PayID with us you must first provide your consent, under our terms and conditions, which outlines how the PayID service operates and should be used.
We also have measures in place to ensure the PayID service is not used by customers or customer applications to mine data for fraudulent purposes.
If you’re not comfortable using PayID you can still use a BSB and Account number with products like Osko.