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).When paying somebody, when you enter a recipient’s PayID, the bank confirms by showing the recipient account holder name.So in effect, they’ve just implemented a nationwide number-to-name lookup system.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.