Many casino fans are reluctant to disclose their banking details. In 2018, PayID was presented to Australians as part of the New Payments Platform (NPP). The new service completely overhauled the online banking landscape throughout the country. The idea behind it is to provide Aussies with an easy-to-use payment solution that will save them the effort to memorize and disclose their bank details.
PayID is a revolutionary payment service that allows its users to use details that they can easily remember to reach their bank accounts. In fact, PayID is an identifier to your bank account. The money transfer service is offered by Osko and it is available to customers who have bank accounts at participating financial institutions. To process payments via PayID, you can use your phone number, email address, or ABN (Australian Business Number).
|Connecting bank account to PayID||Free|
|Withdrawal balance from PayID to your bank account||Free|
|Pay to online merchants||Free|
|Available for deposit||Yes|
|Available for withdrawal||Yes|
|Usual deposit time in online casino||Instant|
|Usual withdrawal time from online casino||Instant|
|Live chat||Depends on the bank|
|E-mail support||Depends on the individual financial institution|
PayID users can make online payments promptly and easily. Interestingly enough, the main idea behind this platform is to allow people to send money to other people without the need to remember any bank details. Furthermore, PayID is the initiative of 13 of the most reputable banks in Australia and the Reserve Bank of Australia, meaning that it is safe to use it. Before we continue, we would like to mention that over 100 banks offer the NPP and PayID to their clients.
Using PayID for Gambling Transactions
A growing number of online casinos geared toward the Australian market have started to embrace PayID. One of the reasons for this trend is that the payment service supports both deposits and withdrawals. Casino enthusiasts who are interested in using this method to make casino payments should first create their unique PayID.
To do so, you have to own a bank account at a financial institution that offers this service. To make use of PayID, you have to log into your online banking account, click on the Payment Settings button, select “PayID”, and follow the instructions. After that, you will receive a code to verify your mobile number or email address.
If you use the CommBank app, you have to log into your account, click on the “Profile” button, and select “Manage PayID”. Then, you will be required to select the type of PayID you would like to use and select an account that will be linked to your PayID. Currently, there are 4 types of PayID, including phone number, email address, AND, and organizational ID.
The last step is to confirm your details by entering the code you will receive. Provided that you successfully managed to activate the PayID service, you will receive an email. From that point, your PayID is connected to your bank account. It is important to inform our readers that a single bank account may have multiple PayIDs. However, PayID users can link only a single bank account to PayID.
PayID for Gambling Additional TipsTo upload funds to your gaming account via PayID, you have to log into your online banking account, click on the “Pay someone” button, and enter the amount of money you wish to deposit. You will be required to fill a description field with 280 characters available and confirm the payment. In case you have already deposited at a given online casino via PayID, the deposit will be carried out instantly. For security reasons, if you deposit at a given gambling site for the first time, the transaction might take up to 24 hours.
Another important thing to mention is that deposits and withdrawals via PayID are carried out in real time. If you are not sure whether you are sending the money to the right person, you will be able to see the name of the recipient before confirming the payment.
If you have already accumulated the minimum amount required by the specific casino for a withdrawal, you can use your PayID. Web-based casinos often have a pending period of 24 to 72 hours. Once the casino operator releases your winnings, you will be able to see them in your PayID instantly. In rare cases, it might take several hours until the money reaches your PayID account. Players should be informed that they will have to disclose their PayIDs to the casino operator.
Casino enthusiasts should keep in mind that not all web-based casinos that accept Australian players employ PayID. Hence, if you wish to make use of this payment solution, we would advise you to first visit the banking page of a given casino before setting up an account.
|PayID Gambling Transactions|
|Supported transactions||Deposits and withdrawals|
|Deposit pending time||Instant|
|Withdrawal pending time||Varies between casinos|
|Additional security||PayID users have to first log into their online bank accounts|
Advantages and Disadvantages of PayID
Some casino fans are uncomfortable with sharing their bank details and personal financial information. That is the reason why many Australian casino aficionados have started using PayID as it comes with many advantages over the traditional payment methods.
As we already explained above, PayID works as an identifier to your bank account. Hence, you do not have to remember and disclose your BSB or account numbers. In other words, PayID users can conveniently send and receive money. The fact that you do not need to share your bank details significantly increases the degree of safety and maintains your online anonymity.
Furthermore, the PayID platform is on par with all security standards that are employed by the participating banks. This means that payments to and from online casinos are processed safely. As far as legitimacy goes, many well-established Australian banks adopted PayID. In addition to that, the platform was launched by Osko as part of its New Payments Platform (NPP). Osko is a payment service from the payments platform BPAY that uses your bank’s security standards.
More Advantages and Disadvantages of PayIDMany casino fans select their preferred payment solution on the basis of its promptness. After all, once you make a deposit to an online casino, you will most likely want to embark on a rewarding gambling experience right away. Using PayID means that you can make deposits at web-based casinos instantly.
Of course, getting your winnings promptly is also something that players should consider. Here it is important to mention that each virtual casino has its own rules and policy regarding payments. This means that some operators review payout requests within several hours, while others might take up to 5 business days. After the web-based casino you are playing at approves your payment request, the money will reach your PayID account almost instantly.
Probably one of the most notable advantages associated with PayID is the lack of fees. Being linked to your bank account, the payment platform simply serves as an intermediary between consumers and merchants. PayID eliminates the possibility to send money to the wrong recipient as you will be able to see the name of the person behind the email address or phone number before you approve the payment.
Unfortunately, PayID can only be used for payments in Australia. Another disadvantage of this payment service is that it is not available in every Australian-based casino. So, casino fans who would like to use it for deposits and withdraws have to do some research before finding the right gambling site.
Aussie players who decide to use PayID should be informed that they cannot withdraw their winnings directly from their PayIDs. Once the money appears in your PayID account, you will have to transfer the sum to your bank account before you are able to use it.
On a more positive note, PayID features wide daily limits that reach up to $10,000. However, casino enthusiasts should not go over the payment limits imposed by the online casino they are playing at. All in all, PayID is an innovative payment service that comes with a ton of advantages designed to cater to the needs of Aussie casino fans.
|PayID Pros||PayID Cons|
|Deposits and withdrawals are processed safely and promptly||Only Australian residents can make use of PayID|
|No need to disclose bank details||PayID cannot be used for withdrawing money from an account|
|Using PayID is absolutely free|
Fees for Gambling Transactions with PayID
At the moment of writing this article, there are no fees associated with the use of PayID. This means that casino enthusiasts will not be charged an arm and a leg for making deposits at online casinos and withdrawing funds. However, the payment platform is linked to the user’s bank account. This means that the bank might impose some fees for money transactions to and from your PayID account, but we cannot provide in-depth details as these vary greatly between the different banks.
If you use PayID services via your CommBank account, you should know that the fee for maintaining your account is $4 per month. However, if you make deposits totaling $2,000 monthly, you will not be required to pay a maintenance fee. Another important thing to mention is that the CommBank app applies a limit of up to $2,000 on the maximum amount you are allowed to withdraw on a daily basis. Provided that you withdraw at non-CommBank ATMs, you should be informed that a fee might apply.
|Gambling deposit fee||Free|
|Gambling withdrawal fee||Free|
|Bank account deposit fee||Free|
|Bank account withdrawal fee||Free|
|Credit/debit card deposit fee||N/A|
|Credit/debit card withdrawal fee||N/A|
Processing Times with PayID
All financial transactions via PayID are processed in “near real-time”. You can send and receive money within a minute. Provided that you are a casino fan who wishes to make a deposit at an online casino, you should know that the money will appear in your gaming account instantly.
Every seasoned casino fan knows that the processing time for withdrawing money varies between casinos and payment methods. While deposits are processed at the moment, withdrawals require more patience. Once you have accumulated sufficient winnings, you can request a withdrawal by visiting the cashier page of the casino. Do not forget that most online casinos have minimum and maximum limits on withdrawals.
The web-based casino will take some time to process your withdrawal request. This period of time is also known as a pending period and it varies between casinos. Usually, PayID casinos process withdrawal requests within 3 business days. After that, you should know that you should receive your winnings instantly.
|PayID Processing times|
|Gambling deposit time||Instant|
|Gambling withdrawal time||Instant after the payment is approved by the casino|
|Bank account deposit time||Instant|
|Bank account withdrawal time||Instant|
|Credit/debit card deposit time||N/A|
|Credit/debit card withdrawal time||N/A|
Mobile Payments via PayID
PayID service is available to CommBank app users. Currently, over 5 million Australians use the app. Provided that your portable device runs on Android 4.4 or later, you can download the app from Google Play. The size of the app is 49 MB. If you own an iOS device, visit the Apple Store to find the CommBank app. It is important to mention that the app requires a 12.0 or later version.
Both apps are available only in English and you can download them for free. Installing them is a painless process that takes just a few minutes. Users can withdraw up to $500 from a CommBank ATM using Cardless Cash. To better control your finances, the apps come with some useful features such as Goal Tracker and Spend Tracker. If you tend to forget the payment due date of your bills, you have the option to receive bill reminders and notifications.
Android users can benefit also from yet another feature called Tap & Pay. It allows CommBank app users to pay on the go without using cash or bank cards. For purchases under $100, no PIN is required. The CommBank app also allows users to make use of Google Pay and Apple Pay.
|PayID Mobile Payments|
Security at PayID Online Casinos
With PayID casinos, you can make deposits and withdraw your winnings simply by entering your email or phone number. Hence, your financial information remains private. What is more, PayID payments are subject to the bank’s fraud screening procedures. PayID users should rest assured that the money they send will reach the right person as they will see the name of the recipient before confirming the payment. CommBank gives a 100% security guarantee to its users.
It is important to explain that you will be able to register a PayID by logging into your online banking. Provided that you use PayID via the CommBank app, you should know that you can enable two-factor authentication (2FA) to add an extra layer of protection. NetBank users are provided with the opportunity to register for NetCode, which is a time-sensitive password.
PayID warns its users that any emails asking them to disclose any personal or banking information that looks like it is from the payment platform are actually phishing emails. All financial transactions processed via Google Pay or Apple Pay are absolutely safe as the contactless payment systems utilize encryption systems.
PayID Casinos FAQ
Can I have more than one PayID linked to the same account number?
Yes, different PayIDs can be linked to the same bank account. However, the same PayID cannot be linked to different account numbers. Provided that you have different bank accounts at different financial institutions, you can create unique PayIDs for each of them.
Why should I use PayID?
PayID is a payment service that is absolutely safe and reliable. Its users do not have to disclose their bank information, but just use a memorable piece of information such as a phone number or email address to send and receive payments. In addition to that, it is absolutely free to use PayID.
Can I use PayID for international payments?
Unfortunately, you cannot use PayID for international payments as it is available only in Australia. You can make payments to anyone in Australia that uses PayID. You do not need to have a PayID to send PayID payment. You only need to have the PayID of the recipient and the financial transaction will be processed within less than a minute.
Is it possible to use PayID to pull out money from an account?
Users cannot withdraw money from an account via PayID as it can be used only for receiving and sending payments. PayID is a smart address for payments that are processed via the New Payments Platform (NPP).
Can I close my PayID?
Yes, you can close your PayID anytime you wish to. To do so, you need to get in touch with the financial institution where you have your bank account registered and request a PayID closure. Once your PayID is terminated, you will not be able to use it again. Provided that you change your mind later and you wish to make use of PayID, you will have to set a new PayID account.