Overview
The online banking landscape keeps diversifying year after year and nowadays, lots of countries have access to unique and fast online payment solutions that provide an excellent level of convenience to their customers.
Australia is one such country, and Aussie individuals can take advantage of a service called PayID. This is a unique, easy-to-remember identifier attached to your bank account that, in a sense, replaces the functionality of your bank account number. In other words, instead of trying to remember complicated sequences of digits, you can simply provide your phone number, email, or ABN whenever someone needs to send you money, and vice versa.
As one might imagine, this makes transactions an absolute breeze to pull off, and it is no wonder that Australia-friendly sportsbooks have started to slowly but surely catch on to just how useful this system is. As a result, an increasing number of bookmakers have begun to include PayID within their deposit and withdrawal methods sections.
As for its background, PayID is offered by OSKO, a BPAY payment service, and is part of Australia’s New Payments Platform. PayID was launched in 2018, and within the span of less than a year, it gained an impressive number of customers. The speedy transactions were far too tempting for most to resist, and this is also what has sports bettors gravitating towards this payment solution as well.
Find the best PayID bookmakers here
How Does PayID Work
As previously mentioned, PayID is your email, or phone number, which can be used by other individuals to send you money. The same goes for forwarding money to others via their own PayIDs. It is as simple as it sounds, and creating and making use of your PayID is no difficult task.
Firstly, you have to keep in mind that you will need a bank account at a participating Australian financial institution for you to be able to utilize PayID. Next, it is simply a matter of logging in to your bank’s website and navigating the menus in order to find the PayID section. The structure of financial organizations’ websites varies but you will generally be able to find PayID’s section on either the Settings or Profile pages. After that, you just need to follow the provided instructions, and you will also be required to verify your email or phone.
That is basically it. Once confirmed, you are ready to use your brand new PayID for your transferring needs.
Do note that if you wish to put off making your own PayID you can technically do so. All you need when making a deposit to your sportsbook balance is the bookmaker’s PayID. However, if you plan on withdrawing your winnings via PayID, then you will definitely need one down the line.
Depositing with PayID
All in all, you will have an easy time with deposits, but make sure you have checked the sportsbook’s deposit limits beforehand. Next, all you need to do is pay a visit to your bookie’s deposit webpage, and select PayID. This is when you will see the bookie’s PayID and your account name under “reference”.
The following step involves logging in to your financial institution’s website and finding the “pay someone” option within the PayID menu. Then, simply input the required information in each field, as well as your sportsbook username within the “description” box. The last part is crucial since this is how your bookie will know who sent the money.
The first transaction will not be instant as a 24-hour verification process will be necessary, but any subsequent deposits will be carried out immediately.
Withdrawing with PayID
Like deposits, PayID withdrawals are also a hassle-free process. To begin with, you will need to find PayID within the withdrawal options of your sportsbook, and select it. Then, input the amount you wish to cash out, and provide your PayID to the sportsbook.
The only downside to withdrawals is that they will typically take longer than deposits. Exactly how long, however, is a matter of which sportsbook you wager at. The processing time will generally vary between 1 to 5 business days.
In addition, you should take several factors into consideration before you decide to withdraw funds from your sportsbook balance. Namely, make sure that you have met any withdrawal requirements that might be attached to any promotions you are taking part in. Additionally, the amount of money you withdraw must be within the bookie’s minimum and maximum limits.
Fees
Fees tend to be an annoyance for most sportsbook enthusiasts, which is why it is fortunate for everyone that PayID does not impose any fees on the individuals who utilize this service. In fact, you will be able to link a PayID to your bank account completely free of charge.
This direct connection to one’s bank account, however, must be kept in mind, since it means that although PayID will, in and of itself, be free, certain transactions will have a cost because of your financial institution. It is all reliant on which bank you use to manage your finances, so as always, look up any fee-related information on your bank’s website.
Moreover, some financial organizations have various ways of lowering their customers’ fees to a certain extent, or getting rid of some altogether. For instance, there are institutions that have specific banking plans which lift certain fees you would need to pay otherwise, while others have a policy of not imposing fees on users whose deposit balance exceeds a certain amount.
Last but not least, some bookies might also have fees associated with deposits and withdrawals. Although this will not be the case everywhere, checking just in case is, once again, a crucial step for any punter.
| Fees Summary | ||
|---|---|---|
| Operation | Time | Cost |
| Deposit to bookie | First deposit – 24 hours. All other deposits – Instant. | Free |
| Withdrawal from bookie | 1-5 business days. Bookmaker reliant. | Free |
| Deposit with card | N/A | N/A |
| Withdrawal to card | N/A | N/A |
| Deposit with bank account | N/A | N/A |
| Withdrawal to bank account | N/A | N/A |
Security
Internet security is an increasingly concerning issue to individuals and businesses alike. As amazing as the world wide web can be, it can also be dangerous. It is for this reason that financial institutions go through great lengths to ensure that they are making use of the latest and greatest when it comes to internet security tools. What is more, as a PayID user, you will benefit from pretty much all of these security measures due to the fact that your PayID is tied to your bank account.
One such method is called two-factor authentication. Many banks will require you complete 2FA when you log in or conduct transactions via the web, since it confirms that it is you performing these actions. Additionally, Secure Socket Layer Encryption is yet another method through which financial institutions keep your information safe. In layman’s terms, it scrambles transmitted data so that any would-be attackers would be unable to access it if they tried.
One thing punters should be wary of is phishing. Always remember that no reputable website, much less your bank, would request your password or any other sensitive information via email. Furthermore, do not click any links or download files from suspicious senders either. If you receive a troubling email and wish to make sure that nothing is amiss with your bank account just in case, contact your banking institution through whichever official channel you find most comfortable. Live chat customer support is popular among financial organizations nowadays, but old-school methods such as a phone call are also perfectly sufficient.
Mobile App
Long gone are the days of old when wagering online meant being tied to your computer. The typical modern-day sports betting enthusiast is an individual used to having full access to their sportsbook and the internet as a whole. This includes their banking tools, and they would thus expect the same level of portability from all payment solutions. Thankfully, PayID more than delivers in this regard.
At first, those new to the service might be puzzled because PayID does not have its own dedicated smartphone application. However, the reason behind this is that PayID is simply a way to send funds from one bank account to another. This will not pose any problems to mobile compatibility, and those who prefer to wager on their smartphones will not find themselves neglected.
On the contrary, your financial institution will usually offer apps that can be downloaded regardless of what type of smartphone you have, and PayID will be available within these applications. CommBank’s mobile app is a perfect example of this. You will be able to install the apps via Google Play or the App Store depending on your device.
Bettors will also find that conducting PayID transactions on such apps will be just as effortless as it would be on your personal computer.
Things are not much different on the sportsbook side of things either. Pretty much all online sportsbooks make sure to have either dedicated apps available to download for Android and iOS devices, and if not, the website itself will have a version with a fitting form factor, fully optimized to work well on smartphone screens. This means that you will not have any trouble finding PayID when you wish to deposit or withdraw via mobile, and transfers themselves will be no harder than on the desktop version of your bookie.
| Mobile App Features | |
|---|---|
| Send Money | yes |
| Receive Money | yes |
| Deposit to bookie | yes |
| Withdraw from bookie | yes |
Advantages
PayID is a welcome addition to the financial landscape of Australia. It offers the fastest and most convenient way for individuals to send and receive money, and sees more and more usage as online deposits and withdrawals continue to gain traction within the country.
There are many things that fueled this success, one of which is the entire concept behind the service. Now more than ever, we are bombarded with an excessive amount of information on a daily basis. This makes complicated strings of digits such as bank account numbers, as well as one’s BBS, a tedious addition to our mind’s archive that many would either not bother to remember, or would simply fail to. PayID single-handedly gets rid of this problem. It allows you to use information you already know like the back of your hand, such as your email or your phone number, as a way to receive money online.
Sending money to others via their PayID is also easier, and you will even be able to see their name whenever you input their email or number, so that you can be certain that you are forwarding money to the right person or organization. All of this makes for a fast and robust system that can be utilized by many, and naturally, this is what makes it great for punters as well.
Another perk of this system is that, apart from your name, you are not forced to share personal or banking information with others or with third parties. Thus, this payment solution is not only an excellent option for those who care about their privacy but it is also very secure. Apart from this, additional security measures such as SSL encryption and two-factor authentication are employed by banks that offer PayID, so all in all, this is a safe payment method to go for.
Disadvantages
It is undeniable that there is a lot to like about PayID, but this does not mean that it is perfect. Like any payment solution, PayID has its upsides and downsides, all of which need to be put into consideration before someone decides to commit and make it their main payment method for wagering on sports.
First and foremost, we cannot ignore the fact that for all its positives, bettors living outside of Australia will be unable to make use of PayID. Currently, it is offered to Australian users exclusively, and you will also need a bank account at a participating Australian-based financial institution if you wish to create a PayID.
Next, this service has yet to receive widespread adoption among Australia-friendly sportsbooks. There are ones that use it, of course, but at the time of writing, that number is comparatively low.
Perhaps this has to do with how new PayID is, but either way, this means that the service will either be unavailable to you if you decide to use a sportsbook that does not offer PayID, or you would be limited to a small selection of bookies to pick from should you go with this solution. In addition, withdrawals might not always be available at sportsbooks that offer PayID as a deposit option.
As for other flaws, there is a security-related problem that is a bit complicated. That is to say, your name will be displayed to the sender once they use your PayID email, phone number, or ABN. We mentioned it within the advantages segment because this has the benefit of ensuring senders that their funds are going to the right person or business, but it can be a double-edged sword.
Although it might seem like there is no problem at first glance, this combination of name and number and/or email can make it easier for scammers to make even more believable phishing emails. It is an unfortunate side-effect to an otherwise great feature, but it is one worth keeping in mind nonetheless.
Countries Where PayID is Used as a Deposit Method for Sports Betting
Despite its flaws, PayID is an overall excellent payment solution and we are certain that many sports betting fans would love to take advantage of what this service has to offer. Aussie punters will indeed have this opportunity, and they will be able to utilize PayID for their online depositing and withdrawal needs with ease. The same cannot be said about those who reside overseas, however.
At the time of writing, PayID is offered strictly to Australian customers who have a bank account at one of the financial institutions in the country that offer PayID. Although unfortunate for non-Aussie individuals, this is not a surprise to those familiar with PayID’s background.
It all goes back to 2012, when it was established that the Australian payment system was capable of undergoing significant improvements, and years of hard work is what led to the creation and launch of PayID in 2018 as part of the New Payments Platform of Australia.
In short, PayID was custom-made for the country, which is why it strictly caters to an Australian audience. Sports betting aficionados who live elsewhere will need to find a payment solution that works either internationally, or is created specifically for their region of residence.
In terms of availability, it is also important to keep in mind that certain Aussie punters might be out of luck as well. As established earlier, although PayID is very popular within the general financial sphere of the country, the same cannot be said about online sports betting. Currently, the bookmakers which accept PayID deposits and withdrawals are, all in all, not numerous, especially compared to sports books that provide other payment methods. Hopefully, this will change in the near future.
FAQ
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If you wager at an Australia-friendly bookmaker, yes, although it depends on the bookie itself. PayID is only available at sportsbooks that cater to Australian users.
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No, PayID is a service available exclusively to Australian users. Furthermore, you will need a bank account at a participating Australian financial institution for you to be able to utilize PayID as a service.
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Yes. Your bookmaker’s details will be available as soon as you input the necessary information within the “pay someone” section of your bank’s website.
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Yes, but not all sportsbooks that offer PayID utilize it this way. As this will vary from bookmaker to bookmaker, make sure to check your bookie’s Payment methods page to make sure.
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No. In fact, it is quite easy. You just need to log in to your online banking account, find and select PayID, and provide all of the necessary information. After that, you just need to confirm your mobile phone or email, and you are all set.
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