RACQ Bank now offers state-of-the-art PayID

Queenslanders could now benefit from quicker, easier banking with RACQ Bank, one of the first financial institutions in the country to utilize the new payments platform (NPP) which went live in Australia today.

RACQ Bank spokesperson Kirsty Clinton said the NPP meant members could sign up for a PayID which allowed them to receive funds in real time via a simple identifier like a mobile number or email address.

“Members will no longer need to remember their BSB and account number to receive money from others,” Ms Clinton said.

“Transfers between you and anyone will happen instantly using just a mobile number or email, even if they’re with different banks*.

“Gone are the days when a friend would transfer you money to split a dinner bill on Friday night and you’d have to wait until Monday or Tuesday to see the funds.

“Once they press send, the money will appear in your account in a matter of seconds – no matter what time of day or night it is, 365 days per year.

“People want everything to be simple and instant, and now banking is.”

Ms Clinton said members could be reassured a PayID would not compromise their personal security.

“A PayID is easier to remember than your bank details, but no less secure. Just because someone knows your mobile number, doesn’t mean they can access your money.”

For more information or to register for a PayID visit the RACQ website.

*As long as you have a PayID and the sender is with a financial institution that has NPP enabled payments.