PayID is a payment identifier protocol. It provides a single ID for everyone who needs to send/receive money. It was developed by the Ripple company.
The tasks of the project include:
- Improving the security and convenience of making online payments with bank cards
- Loyalty program and expansion of the client audience for online stores
Usually, you need a BSB code and an account number to send/receive bank transfers. You do not need to have a PayID for transfers, but your bank may support this service.
It may take a little longer to process the 1st payment with PayID as your bank needs to complete the required verification. But we are only talking about the 1st payment, once your 1st payment is approved by the bank, all subsequent payments will be processed instantly.
