Overview of PayID Banking Option for Australians
Are you comfortable revealing your bank details to online stores or online casinos? Well, you are not alone. Thousands of people are hesitant about how their data will be used by third parties, and for a good reason. According to ACSC Annual Cyber Threat Report (2020-21), the increased cases of personal data theft and cybercrimes have made it super important for anyone doing online business to be wary of to who they give personal information.
In the conventional financial world, you would have to give someone your bank details for them to deposit funds into your account. With the advent of PayID in Australia, things are now different. Let’s work with John Gold of BetPokies to find out what PayID is and how Australians can use it.
What is PayID?
PayID streamlines transactions by eliminating the need to share details of your bank account with the sender.
In particular, if you are a member of PayID casinos, you can use this new advanced payment service to conceal these personal details. You can use other details linked to your accounts, such as email address, phone number, landline number, or even ABN, as your PayID address. The detail is referred to as your PayID identifier.
How to Get a PayID?
The process of getting onboard is easy. Here are the steps that you need to take.
- Contact your bank to know whether PayID is acceptable. Today, most Australian banks, credit unions, and building societies support PayID.
- You can set up your PayID on the internet banking portal or through the bank’s mobile app if offered. Complete the security steps and confirm your identity for the process to be successful.
- Link the newly PayID with your bank account. This action will make it possible for other people to send money directly to your bank account using your PayID identifier.
- You can create multiple PayID for a single account. For example, you can use your mobile number for PayID casinos and your email address for business transactions.
How to Use PayID?
Once your PayID is set up and linked to your bank account, you can start sharing it with friends and colleagues whenever they want to send funds to your account. You can also use it to send and receive funds from your PayID casino accounts.
When sending money to other PayID users, you will need to indicate their unique identifiers and confirm the details for the transaction to be completed. However, the recipient’s financial institution should support PayID and offer it as a service for the transaction to be successful.
PayID Security
PayID is extremely secure as the transactions are only done through participating financial institutions. Thus, the transaction is done through the institution’s secure system, and only they can access the information.
In addition, you will see the recipient’s name before the transaction is forwarded to the bank, thereby reducing the risk of sending money to the wrong person. According to NPP Australia Limited, this step ensures that money is sent to the right person or PayID casinos 100% of the time.
Advantages of PayID to Australian Online Gamblers
- The first advantage of joining PayID casinos is protecting yourself from data phishing risks. You will never have to reveal your bank details to the casino. All you need to provide to them is your PayID identifier when withdrawing funds from the account.
- Secondly, deposits and withdrawals made via PayID are instant. Never again will you have to wait for more than three business days for funds to reflect in your account. However, the first transaction may be held for 24 hours by the bank as it confirms its legitimacy. Subsequent transactions to the account will not be held, though.
- Thirdly, simplicity is the ultimate sophistication. When withdrawing or depositing funds to your casino account, you no longer have to cram your bank details, such as the account number. All you now have to provide is your PayID details. The same case applies to deposits; you only need the PayID casino’s details to initiate a transaction.
What to Consider When Choosing PayID Casinos in Australia
Initially, few casinos accepted the idea, but today there are thousands of PayID casinos in Australia that you can register for free.
- Do due diligence to confirm that the casino is legit to avoid losing your hard-earned money. One of the factors that you should consider is licensing. Confirm that the casino is licensed to operate in the country lest you are denied access to your winnings.
- You also need to check its reputation by reading its reviews posted online by other players. Avoid PayID casinos with many negative reviews, as that could signify that it doesn’t meet the standards or honor its promises to Aussie players.
- The last factor to consider when looking for a PayID casino is the variety of games they offer. You stand a better chance of making money from an online casino in Australia if it has a game that you are conversant with and offers high payouts.
Conclusion
PayID casinos will continue to grow as more people learn about the process and its benefits. It’s the best option for Australian gamblers as they no longer have to remember personal bank details when transactions nor share that information with the casinos.
If you are facing gambling addiction, please seek professional help by calling the toll-free gambling helpline: 1800 858 858.
