What is PayID?
Before delving into how you can maximize the use of PayID for betting, let’s first understand what it is and how it works.
PayID was launched in 2018 as a fast payment option resulting from a collaboration between several Australian financial institutions. Its primary aim was to enhance online banking and facilitate online transactions in the country.
PayID allows quick access to your account for sending or receiving money without the need for your bank’s account number. This six-digit number, which may pose a challenge for some Aussie bettors to remember, has been integrated into the gambling world and is now available for deposits and withdrawals in multiple bookies.
When you use PayID at your favourite bookmakers, you can enjoy the following benefits:
- Security and Privacy. PayID closely links with your bank account, meaning the same security measures imposed by your bank apply to your PayID. Banks utilise various measures, such as secure socket layer encryption, to keep your data safe from leakage and fraud. PayID also adds an extra layer of security since you are not required to provide your banking information when using it.
- Cost and Fees. PayID itself does not impose any charges on its users. However, since PayID is linked to your bank account and facilitates bank-related transactions, your bank may have associated fees. Additionally, some bookmakers may charge deposit or withdrawal fees on rare occasions. It is important to review the terms and conditions or contact customer support to ascertain any potential fees.
- Convenience. Depositing money through PayID is a simple process that requires just a few clicks as long as you remember your PayID phone or email. PayID eliminates the need for long BSB codes, making it user-friendly. Moreover, PayID can be used for both deposits and withdrawals, unlike some other popular payment options.
- Bonuses and Rewards. PayID users often qualify for bookmakers’ promotions and rewards. Unlike some other digital wallets, PayID does not pose any restrictions on taking advantage of these bonuses.
- Integration with Mobile Betting Platforms. With the increasing popularity of mobile betting, https://payid-casinos.com/ have seamlessly integrated their services with mobile platforms. This lets users conveniently deposit funds and bet on their favourite Australian sports using their smartphones or tablets.
While PayID excels in several areas, there are some challenges associated with its use by online bookmakers:
- Availability: PayID is a relatively new payment option, and not all sportsbooks have adopted it as a withdrawal and deposit option. It is possible that you may register at your preferred bookmaker only to find out that PayID is not available as a payment option. It is advisable to check the available payment options before creating an account to avoid the hassle of creating accounts at multiple bookmakers.
- Withdrawal Challenges: Some bookmakers accept PayID for deposits but do not offer it as a withdrawal option. While PayID does support withdrawals, its availability at bookmakers may vary and can affect its adoption for this purpose.
Using PayID on Australian iGaming platforms presents significant advantages for Aussies. PayID offers a secure payment option without any charges, makes users eligible for rewards and bonuses, and seamlessly integrates with mobile platforms. Convenience is at the forefront of its benefits. While it may not be available at all online bookmakers, when it is an option, it is worth considering.
Gambling can be a dangerous and addictive habit. If you or a loved one has a gambling problem, please seek assistance by calling the National Gambling Helpline at 1800 858 85.