Australia’s new real-time banking payments platform
The two banks I’ve checked only allow you to use your mobile phone number or email address as your PayID (CBA and ING).<p>When paying somebody, when you enter a recipient’s PayID, the bank confirms by showing the recipient account holder name.<p>So in effect, they’ve just implemented a nationwide number-to-name lookup system.<p>Separate to this, these two banks are pushing it hard. It feels like a land grab, since a single phone number can only be assigned to a single bank.