Launched by Australia’s premier financial institutions under the oversight of the Reserve Bank of Australia (RBA), PayID is a smart financial routing service running on the New Payments Platform (NPP) and backed by Osko.
It is important to understand that PayID is not a standalone e-wallet or a digital storage account like PayPal. Instead, it functions as a highly secure payment bridge. It allows users to link a simple, memorable identifier—such as a personal mobile number, an email address, or an Australian Business Number (ABN)—directly to their everyday checking account. When making an online transfer, you simply provide this basic text identifier to route funds in real time, completely bypassing traditional, clunky bank formatting.
