Tagged With payid

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Australians will finally enjoy the ability to send each other money in “real time”, with the launch of the New Payments Platform this week. The platform is a mixture of new processes for settling transactions between banks, guided by the Reserve Bank of Australia.

But while this may make payments faster, it could also make them less safe.

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The imaginatively named New Payments Platform (which is a great name until it's replaced one day) promises to make it easier to send money between parties. One of the first applications to use the NPP will be PayID. It will let you send money to other people without having to remember annoying details like BSBs or account numbers.

You create your own unique identifier and funds can be moved between parties in near real-time - no need to wait for batch runs of payments between financial institutions. But how do you get in on this?