Say hello to PayID, a direct bank service that allows users to make lightning-fast online casino deposits straight from their bank accounts. Available exclusively in Australia, this payment method utilizes the OSKO protocol to link your bank account to an email address or a mobile phone number.
It eliminates the need for the Bank State Branch (BSB) number and instead provides personalized identifiers to carry out transactions.
Now that we have your attention, it is time to learn more about PayID and its advantages.
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PayID debuted in 2018 as part of the state-owned New Payments Platform (NPP). The high-quality fast payments infrastructure was founded in 2014 by the Reserve Bank of Australia and other leading members of the country’s financial sector. The provider went live in 2018, and one of the first services it offered was PayID.
Bank transfers in Australia require standard information and a BSB code, which is a vital part of the transaction. If you don’t feel comfortable sharing your financial information and BSB, PayID represents the perfect alternative.
PayID enables making online transactions without revealing your sensitive information. It works the same when it comes to receiving funds.
Many leading banks in Australia offer the PayID service, which facilitates fast transactions thanks to OSKO.
PayID is a service focused solely on the Australian market and online casinos targeting Aussie players. Its main objective is to offer a payment method that doesn’t require revealing a bank account number and the BSB code.
The service is backed by over 1000 banks and financial institutions in the Land Down Under. These include some of the most reputable names in the country’s financial sector, such as the Reserve Bank of Australia, ASL, ANZ, Citibank, Cuscal, and HSBC Bank Australia.
The complete list of banks offering PayID can be found on the official NPP website.
To use PayID, you must have an account at one of the supporting banks. There is no limit to the number of bank accounts you can have, although you can connect only one with the PayID service. It is also possible to make more than one PayID, which can be linked to the same or even different bank accounts.
After logging in to your online banking, choose the Create PayID option in the main menu. Choose the account you wish to link to your PayID and enter an email address or mobile phone to use as your PayID.
Upon submitting your mobile phone or email, you will receive an OTP to verify your information. Once confirmed, the bank will assign the PayID service to the selected account. Your PayID is now fully operational, and you can start using it for online casino depositing and withdrawing.
How to Deposit with PayID?
Once your PayID is in place, you can use it to make online casino deposits. The entire process is quick and straightforward. After registering at a supporting gambling site, visit the Cashier page and enter the sum you want to deposit. You can choose a predefined amount or choose the figure yourself. Then, pick bank transfer as your means of payment, and log into your online banking. Select the PayID service, and provide your PayID details. Once that is done, confirm your transaction.
How to Withdraw with PayID?
PayID can also be used for cashing out your online casino winnings. First, you must choose PayID as your withdrawal method and enter the sum you plan to claim. Provide your PayID to the online casino to submit your request.
Keep in mind that some gambling sites accepting PayID as a deposit method won’t allow you to make withdrawals. It is best to check whether cashing out is possible beforehand.
Timeframes, Fees, and Security
Real-time deposits are one of the biggest pros of using PayID. It takes a minute to process a payment, meaning the funds will appear in your online casino balance immediately.
Some payments may take a bit longer, but only because of the bank’s additional check. If you experience this, contact your bank for additional information.
When it comes to withdrawals, you must take the casino’s pending period into consideration. No matter how fast a payment method is, the gambling site has to approve the withdrawal request first. With PayID, processing the request takes from 1 to 3 business days. After the casino greenlights your request, the money will be transferred without any delays.
Another advantage of PayID is the fact that online casinos won’t charge any fees for using this payment method. On the other hand, the service itself and your bank may impose specific fees.
As part of the NPP, PayID adheres to the highest safety standards. With some of the biggest banks behind it, including the Reserve Bank of Australia, PayID offers peace of mind to its users.
All transactions must be approved by the player, while personal and financial information is protected at all times. Identity verification adds an extra layer of security.
PayID doesn’t impose any deposit or withdrawal limits. However, since it works as part of your online banking, it abides by the bank’s rules. Also, your chosen online casino may have limits of its own.
To sum it up, you may encounter the bank’s daily deposit limit when making a payment to PayID and then the limitations imposed by the online casino.
Despite being a part of NPP, your bank still manages the PayID service. So, if you experience any issues, you must contact the bank. More information is available at the PayID and NPP websites, which offer comprehensive FAQ pages. To get in touch with them, you can also send an email.