PayID

For all the conveniences that online banking offers, we cannot deny it also has its fair share of troubles. Unlike e-wallets, you have to remember all sorts of details to transfer money between accounts. On top of that, the process is much slower than other payment services. Because of that, many entrepreneurial individuals attempted to fix online banking. However, few projects were as successful as PayID.

The payment method was pushed forward by Australia’s most prominent financial institutions, including its reserve bank. It combined the convenience of modern payment methods with the existing system, creating the best of both worlds. Should you use PayID the next time you hit up an online casino? Keep reading to learn more about what’s becoming the OG24 team’s favourite online payment method.

What is PayID?

PayID is a direct bank transfer service powered by Australia’s leading banks. What sets it apart is the country’s OSKO protocol, allowing near-instant transfers between accounts. These fast transactions helped PayID grow quickly, making it a must-have for any Australia-facing online casino. The extra convenience of having to remember fewer details further aided its widespread adoption.

Since PayID is linked to Australia’s bank network, you must have a bank account before you can use the service. Your bank’s mobile or web banking will have the option to Create PayID, letting you connect it to your bank account. You then choose an e-mail address or phone number to register your PayID. After verifying your contact information, the bank will add PayID functionality to your account.

You can only use this payment method if you live in Australia and have an account in one of their banks. Unsurprisingly, that also means you can only use Australian dollars when using PayID. The service itself does not bring any extra functionality beyond the increased transaction speeds. However, you can use other unique benefits offered by Australian banks. One is PayTo, which lets users pre-authorize transactions on their bank accounts.

Facts

Payment Type	Bank Transfer
Headquarters	Sydney, Australia
Founded	2018

How to Deposit with PayID

PayID works more or less identically to most bank transfers, with a few minor changes to accommodate its unique nature. If you’re interested in taking advantage of PayID, we outlined how to use it to add money to your balance below.

1. Log into your casino account. Type in your e-mail address and password, then hit Enter to sign in. On mobile, you’ll have to tap the log in button instead.

2. Navigate to the deposit page. The page will either be marked as Deposit or Cashier. Opening it will reveal all the banking options you can use to deposit.

3. Pick Bank Transfer. Rather than list PayID separately, most online casinos will put it under the wire transfer label. Select it as your deposit method and log into your e-banking when prompted.

4. Choose PayID on your e-banking page. This will transfer the funds using PayID rather than a traditional bank transfer. You’ll have to enter your PayID details to confirm the transfer.

5. Verify the transaction. If everything went to plan, the deposited money should be in your casino balance. You can then use it to play any casino game of your choosing.

How to Withdraw with PayID

Cashing out with PayID is available in most, but not all casinos. Unlike deposits, PayID will be listed as a separate withdrawal method. Select it on the cash out page and type in the amount you wish to withdraw. You’ll also have to provide your PayID details so the gambling site knows where to send the funds.

Despite transferring money to your bank balance, cashing out with PayID is much faster than regular wire transfers. The speed doesn’t compromise security either, as the service takes advantage of the same encryption and protection standards Australian banks use.

FAQ

What is PayID?

PayID is an Australian direct bank transfer service run by the country’s most influential financial institutions. It makes payments faster and more straightforward using the OSKO protocol.

Where can I use PayID?

PayID is only available to Australian players with an account in a participating bank.

Can I use PayID to withdraw money at online casinos?

You can use PayID to cash out your winnings in some online casinos. However, not all websites accept it as a withdrawal method. Because of that, we recommend double-checking if it’s available before committing to a gambling site.

Transfer Times and Fees

We were fully expecting PayID to incur some sort of fee. However, we were pleasantly surprised to learn that the payment method doesn’t charge you anything! Deposits and withdrawals incur no extra costs. However, your bank may have some fees for processing transactions.

You’ll be happy to hear that deposited funds instantly appear in your account. That means zero downtime between paying and playing! Meanwhile, cashing out can take up to three business days to process. However, most will be completed much faster.

Security

One of the best security benefits of using PayID is not exposing your banking information. In the unlikely chance of a data leak, you don’t have to worry about your name or card number being exposed. Additionally, the service operates under the same strict rules governing online banking.

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PayID

What is PayID?

How to Deposit with PayID

How to Withdraw with PayID

FAQ

What is PayID?

Where can I use PayID?

Can I use PayID to withdraw money at online casinos?

Transfer Times and Fees

Security

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