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Westpac appears to be limiting it to mobile phone number, not even allowing email addresses. I'm okay with giving out an email address, but not my personal pho
by SyneRyder 9y ago
Westpac appears to be limiting it to mobile phone number, not even allowing email addresses. I'm okay with giving out an email address, but not my personal phone number that people can call & buzz me any time of day or night. I'd rather just give out my BSB / Account Number.
I'm happy to see real-time payments, though. That will make it easier to bounce money around between savings accounts at different banks, no more waiting 3 days for EFT to clear.
[1] https://www.westpac.com.au/faq/payid-what-is-it/ https://www.westpac.com.au/faq/payid-what-is-it/
- incompatible 9y agoIt's not clear to me if the BSB / Account Number or BPAY payments will be in any way affected by this new system, or if they will remain as slow as ever.
- deecewan 9y agoThey should be faster, but I doubt it.
- incompatible 9y agoThe new payment type will be called "Osko", which can only be used with a PayID. The old payment types will apparently continue to operate the same as ever. Banks may offer smaller maximum transaction sizes for Osko, or delay the first payment to a new account by up to 24 hours, in an attempt to reduce fraud.