PayID Withdrawal Online Casinos

PayID is a unique payment service that was launched in 2018 by the Reserve Bank of Australia. It's part of a broader system called the New Payments Platform, which was created to make sending and receiving money simpler and more secure for Australians.

The core idea behind PayID is to give people an easy-to-remember identifier, like an email address or phone number, that can be used instead of a traditional bank account number and BSB (Bank State Branch) when making payments. This helps avoid mistakes that can happen when typing in long strings of digits.

One of the key benefits of PayID is that it shows the name of the recipient when you're making a payment. So instead of just seeing a random account number, you can double-check that you're sending money to the right person. This added transparency is a big part of why PayID has become so popular in Australia.

How to Make a PayID Account?

Setting up a PayID account is generally very straightforward, especially if you already have a bank account in Australia. The process usually goes like this:

  1. Log into your bank's online banking platform or mobile app.
  2. Look for the option to "Set up or manage PayID”.
  3. Select the type of identifier you want to use – it could be an email address or a phone number.
  4. You can choose the name that will be shown to other people when they send or receive money from you.
  5. Your bank will then associate that identifier with your existing bank account.

Once your PayID is set up, you can start using it right away to receive payments. To send money using PayID, the recipient just needs to provide you with their PayID details.

The whole process usually only takes a few minutes. And you can even link multiple identifiers to the same bank account if you want additional flexibility.

How to Use PayID in Casinos?

It's important to note that over 100 banks in Australia support PayID, and there is no significant difference between them. Some banks may initially set limits on PayID transfers, but these can be easily removed by contacting their support. Banks do not charge a fee for using PayID, but the transaction speed may vary depending on whether your bank supports the OSKO payment platform. OSKO is a real-time payment platform that allows customers to transfer funds between participating banks and financial institutions within seconds, 24/7.

However, if your bank doesn't support OSKO, the payments will default to the "overnight" BECS (Bulk Electronic Clearing System) payment, which can take up to 24 hours to complete. If you don't see the funds in your casino account immediately, check whether your bank supports OSKO. If not, the payment may be processed through BECS, which can take up to a day to reflect in your casino balance.

At the end of last year (September 27, 2023), Binance announced that they have started supporting P2P deposits to the exchange using PayID. This means you can now exchange your PayID for USDT. From there, you can choose any online casino that supports USDT deposits, almost all of them now accept cryptocurrencies.

The benefits of using PayID in casinos are that there are no fees, and the deposit and withdrawal speeds are the fastest among such payment types. Even if the casino you've chosen doesn't directly accept PayID, you can still fund your account by first depositing USDT from Binance, which provides you with a USDT wallet. You can then withdraw the funds from the exchange to your own card.

There are no specific limits for depositing and withdrawing in online casinos using PayID beyond what the individual casinos and banks may impose. The minimum deposit limit for PayID in online casinos is typically between $10 and $20, while the maximum deposit limit can vary significantly depending on the casino's policy. Some online casinos may allow deposits of up to $50,000 per month, while others may have lower or higher limits. It is important to check with the specific online casino and the bank to determine their specific limits for PayID transactions.

Is PayID Safe?

PayID itself is a very secure payment method, as it utilizes the existing security infrastructure of your bank account. So the level of safety comes down to how secure your underlying bank account and banking details are. Many of Australia's major banks support the service, so it's backed by robust security standards.

However, one potential privacy risk with PayID is that it displays the recipient's name when making a payment. This transparency is intended to help prevent mistakes, but it also means someone could potentially look up a person's name if they have their phone number or other PayID identifier.

This vulnerability was exploited in a 2019 incident, where hackers were able to obtain the personal details of 98,000 Westpac customers through the PayID system. While not a critical security flaw, it's an understandable privacy concern.

To help mitigate these risks, security experts recommend using a dedicated email address solely for your PayID, rather than your main personal email or phone number. This keeps your primary contact details more private and secure. Overall, PayID is considered a very safe payment method, but users should still take sensible precautions to protect their personal information and banking credentials.

Advantages and Disadvantages of PayID

Advantages of using PayID:

  • Simple process of registration.
  • Fast payments between participating banks.
  • No fees for deposits in online casinos. 
  • Transparency and accuracy. 
  • Multiple PayIDs can be created.  
  • Can be a payment method even in non-supported casinos. 

Disadvantages of using PayID:

  • PayID is only available in Australia.
  • It may not be an available a payment method in casinos.
  • Privacy concerns - The display of recipient names means your own name could potentially be discovered
  • Inability to change names - If your legal name changes, you can't update the name associated with an existing PayID

Conclusion

Overall, our team thinks that PayID is a good option for Australian gamblers. It is easy to use, it is widely accepted and transparent - you don't have to worry about your money being sent to a wrong person. The transactions are fast and secure, which is a big advantage of the payment method.

However, users should be careful about giving away personal information. If you are worried about your data, it is better not to use your mobile phone as an ID. We recommend making a separate email for PayID and use it only for this purpose.