Examining the speed and functionality of PayID in Australia

Introduction

PayID offers a simple, alias-based way to send and receive money in Australia. Built on the New Payments Platform (NPP) and OSKO, PayID maps a memorable alias—such as an email address or a phone number—to a bank account. This article looks at how quickly PayID payments are processed and what PayID can and cannot do in the Australian context.

What is PayID?

How PayID works

PayID lets you register a memorable alias that maps to one of your bank accounts. With this alias, others can send you money without needing your BSB and account number.

What PayID links to

A PayID is linked to a specific bank account or accounts within your bank, and it can be used across participating banks to route payments via the Osko-enabled network.

Speed: how fast are PayID transfers?

Real-time performance with Osko

Many PayID payments travel over the Osko-enabled New Payments Platform and arrive in seconds, around the clock.

Factors affecting timing

Actual speed can vary by bank processing times, network health, and whether additional verification is required. Outages or maintenance can temporarily slow delivery.

Functionality: what PayID can do

Sending payments with a PayID

Enter the recipient’s PayID and the amount; the payment is routed to the linked bank account. You don’t need to share BSB and account numbers.

Receiving payments with a PayID

Recipients can provide their PayID to others, who then initiate the transfer. Funds appear in the linked account once processed by the sending bank.

Managing PayID aliases

You can set, change, or delete your PayID alias within your bank’s app, and you can link PayID to one or more accounts if supported.

Compatibility and limitations in Australia

Bank support status

PayID and Osko are supported by many major Australian banks and a growing set of lenders, but not all institutions participate fully.

Common issues

Occasional delays, verification requirements, or unexpected cancellations can occur if an alias is entered incorrectly or if one party’s bank is temporarily unavailable.

Getting started with PayID in Australia

Set up PayID in your bank app

Open your bank’s app, find PayID or Pay Anyone, and choose an alias type (mobile, email, or other supported identifiers). Link to your preferred account and verify.

Best practices for accuracy

Share only the correct PayID with trusted contacts, double-check the alias before sending, and confirm receipt after the payment processes.

Conclusion

PayID offers a fast, convenient way to send and receive funds in Australia when both parties’ banks support the service. Real-time speeds are common, but occasional delays can occur. Regularly check your bank’s app for updates on supported PayID features and any outages.