Myth: If someone gets my email address they will be able to use my bank details without me knowing
A PayID cannot be used to take money out of an account. Users will be able to provide their PayID to people or organisations they wish to receive payments from.
There are also strict identification rules when a PayID is created to ensure the individual has authority to use the email address, mobile phone number, etc and operate on the financial institution’s account.
Myth: I can use my social media (e.g. Facebook/twitter) account as a PayID
Not at this stage. The PayID types supported by the centralised addressing service are phone numbers, email addresses, ABN numbers and Organisational IDs, with the latter two can only be registered by business entities.
Users are advised to check what PayID types are supported with their financial institution. At this stage, social media PayID types are not included across the industry.
Keep an eye on bluenotes for further updates from our experts on how and when the system will launch the benefits it will bring.
Kate Sutherland is a bluenotes contributor