PayID is an intelligent payment solution that targets the Australian market. The main objective is to provide users with an easy and fast way to transact online. In particular, this service has effectively enhanced how PayID casinos operate regarding receiving deposits and fulfilling withdrawal requests.
The service is provided through Osko, an instant payment service owned and operated by BPAY. One of the highlights of PayID that gives it an upper hand is that the Aussie players no longer have to memorize their bank credentials, such as the bank number, to initiate deposit traction. As John Gold from BetPokies says, his aspect makes it ideal for people skeptical about revealing their bank details with the PayID (BPay) casinos.
How PayID Works
PayID is a valuable payment service to both casino owners and users. Unlike the conventional system, you only need your phone number or the email address associated with your account to send or receive money. This is because PayID is a bona fide identifier to your bank account.
The first thing to note about how this payment solution works are that you need to know and provide the PayID of the recipient to send money. These details must be correct for the transaction to be successful, and the funds will reflect in their bank account in one minute or less.
However, payments made to users using PayID for the first time may be held for a maximum of 24 hours for security purposes. The system checks to confirm that the transaction is legal and has no traces of fraud. If the money was sent fraudulent from the sender’s bank account, the hold time gives them enough time to contact the bank and stop the transaction.
Millions of people and businesses trust PayID due to its robust security measures. It effectively reduces the chances of funds being sent to the wrong person. You will see the recipients’ names and get a chance to confirm they are correct before the money is sent to them.
How to Use PayID in Australia
Not all financial institutions allow users to send or receive money via PayID. Thus, if you are a first-time user, we recommend that you first contact your bank to know if they accept the service. Also, details of all the banks that support the service are listed on the official PayID website.
If you intend to use PayID to transfer or receive funds from an online casino, it’s important to note that the service only supports AUD transactions. PayID is not a replacement for your account numbers of BSB.
Some of the benefits of PayID are;
- No fees
- Flexible payment service
- No need to remember or share your bank details
Deposit Money to Casino via PayID
Over the last two years, PayID casinos have increased significantly in Australia.
- First thing first, use the internet to find a casino that supports PayID, confirm its reputation, and if it matches your preferences go ahead and register.
- Once you register, head to your internet banking account and click on the Fund Transfer tab.
- Select PayID as the preferred payment option and input the PayID of the casino.
- Finally, click verify to complete the transaction. The bank will also confirm that the PayID and details of the casino are correct before marking the transaction as complete.
- Next, select the bank account you want to use for that transaction, the amount, and a short description of not more than 280 characters detailing the reason for the transaction.
- Once you are satisfied, click the Pay Now button. You will receive a one-time SMS code that you must enter to authorize the transaction.
Withdrawing Funds from Online Casino Using PayID
The withdrawal process is similar to the deposit process discussed above. You must log in to your casino account and select PayID as your preferred withdrawal option. Indicate the amount of money you would like to withdraw and provide your PayID to the casino.
PayID casinos usually take up to 72 hours to confirm the details and send funds. Once approved, the funds will be released, and you will receive them instantly. Check the minimum and maximum limits allowed by the casino before initiating the transaction.
Some PayID casinos only support deposits. So, do due diligence before registering to avoid inconveniences later. Like other casinos, they are required to abide by the stipulated Australia Online Gambling laws and regulations.
PayID Fees and Limits
PayID does not charge any fees for transactions to and from PayID casinos. However, the casino may charge a fee for every transaction. In the same breath, the limits vary because the service is offered through several financial institutions.
The best thing to do is contact your bank to confirm the minimum and maximum amount you can send or receive via PayID.
PayID casinos are rising and will continue to increase in number as more financial institutions embrace technology. Ensure you provide the correct details when opening the account to avoid your transactions being put on hold or canceled. Learn more about gambling in Australia here.
If you have a gambling addiction you can call the toll-free number Gambling Helpline: 1800 858 858.
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