Register for a PayID to receive instant money transfers

RACQ Bank customers would soon benefit from quicker, easier banking with the roll out of the New Payments Platform (NPP) this year.

RACQ Bank spokesperson Kirsty Clinton said the NPP would allow registered members to send and receive payments in real-time and without the need to remember a BSB and account number.

“The first thing banking customers need to do to benefit from the NPP is to register for a PayID,” Ms Clinton said.

“With a PayID you’ll be able to receive money instantly, from anyone else with a PayID who knows your mobile number or email address.

“Once they press send, the money will appear in your account in a matter of seconds – no matter what time of day or night it is, 365 days per year.

“It doesn’t matter who the sender banks with, it’ll be instant.”

Related: How to get your PayID

Ms Clinton said a PayID would not compromise security.

“A PayID is easier to remember than your bank details, but no less secure. Just because someone knows your mobile number, doesn’t mean they can access your money,” she said.

Once registered for a PayID, members would also benefit from being able to convey more information with each transfer.

“The current 18-character limit in a payment description will be increased to 280 characters,” she said.

Ms Clinton said RACQ Bank would be among the first to enable PayID registration, as part of it’s commitment to investing in technology that would help members bank on the go.

To take advantage of PayID, sign up an RACQ Everyday Account. Existing members could register interest to be contacted when PayID is up and running.

 

Banking products issued by Members Banking Group Limited ABN 83 087 651 054  AFSL/Australian credit licence 241195 trading as RACQ Bank. Fees, charges, terms and conditions apply. Contact us for a copy. This is general advice only and may not be right for you.