What is PayID?

PayID is an addressing layer on Australia's New Payments Platform. Instead of quoting a BSB and account number, a payer sends to an identifier the recipient has registered against their account, most often a mobile number, an email address or an ABN. The transfer itself settles on the underlying real-time rails, so funds usually arrive within a minute, day or night, and there is no card network in the chain. That speed is why it appears as a deposit option and, less often, as a payout option. Two cautions are worth carrying. The identifier reveals the registered account name before you confirm, which is the scheme's own anti-mistake feature and the thing to actually read: an account name that does not match the site you think you are paying is the clearest fraud signal the flow gives you. And the rails are irrevocable by design. There is no chargeback on a completed transfer, so recovery depends entirely on the recipient, not on a payment provider dispute process.