It tends to be a running theme among most people old enough to remember life before the web that everything used to be far better. While that might be true in some respects, the fact is that modern technology has made so many things immeasurably better, so much so that it has become ingrained in our way of life and, therefore, become almost invisible. A case in point, if there ever was one, is the ability to perform online banking and cash transfers that once took days, if not weeks, in an instant. In this post, we are looking at how PayID has revolutionized the game in Australia and made the lives of millions far more seamless than they ever used to be in the good old days!
It Enables You To Engage In Recreational Activities Far More Rapidly Than Before
Whether you believe cash is king or enjoy all things tech-related, there is no doubt that when you want to unwind and enjoy yourself, the faster you can facilitate the process, the better it will ultimately be for you and your mates. This is true whether it’s your turn to buy a round of drinks or if you simply want to indulge in playing the occasional pokie after your day at work has finished. According to payidpokiesau.com, PayID can help speed up the process of securely depositing your bankroll at the start of the night and withdrawing what’s left over at the end of the night. By creating a system whereby the average person can go about their business without obstacles, PayID has transformed the landscape regarding not just how you participate in recreational activities but the ease with which you can do so.
You Can Use A Variety Of Methods To Send And Receive Money
We will cover what PayID means for business in a moment. Still, for the average consumer, it has made life immensely less complicated, more straightforward, and more uncomplicated (which is something we could all do in modern life). The interesting thing is that plenty of countries, many of which are demonstrably less developed technologically than Australia, have long been able to transfer cash around with the click of a button for years already. This is partly due to them skipping tech generations and jumping directly into modern ways of transacting (think skipping the laptop and credit card and jumping straight into smartphones and fast data). However, the point is that this kind of rapid ability to move your cash around as and when you desire has now reached the homeland and made finances much more straightforward. It has availed this in numerous ways, including:
- Speeding up the transfer speed: What used to take hours or even days in some extreme cases is now instantaneous.
- Reducing the risk of fraud: PayID utilizes a process where you can see the recipient before you choose to go forward with a transfer. This helps to minimize the risk of entering incorrect bank details or sending money to someone you don’t know.
- It has made life more convenient: Most banks offer PayID transfers as a service, meaning that you can log into your banking app, which most folks are perfectly acquainted with, and use the service.
It Helps Businesses All Over Australia To Simplify Their Transactions
While this post has thus far focused mainly on the benefits seen by the average consumer, it is fair to say those on the other side of these transactions have also profited massively. Although it might not be presented as an option at your average large business, it has been a huge positive for SMEs and solopreneurs who rely on fast, instant transactions in order to complete a service or send out a product. Where it really shines is helping freelancers and solo traders accept a fee for their labor without waiting days for a payment to clear. For those who require stock and supplies to complete a job that might have needed to have been purchased before a job, the speed of PayID helps to ensure they remain solvent as it reduces the worry that a payment might bounce and they will be left having to spend more time and effort to recoup their money.
Real-Time Processing Via NPP
Now that you’ve read “the way” regarding PayID, let’s take a look at “the how” to peek behind the curtain and see just how everything is made possible. At the heart of PayID is NPP. NPP (New Payments Platform) was launched in 2018 and forms part of Australia’s attempt to update its overall national payment infrastructure to bring it into the modern world. It has proven to be a huge step up from the old-fashioned, traditional method of using the banking system and, as a result, has proven to be a massive success. NPP boasts several advantages, including:
- Real-time payments allow an almost instant transfer of money. Although it isn’t immediate, the action is so fast that it is imperceptible to the average person. This has enabled new ways of doing business and sending money to friends and family.
- Previously, you had to use a bank to send or receive money and were, therefore, slaves to their branch opening hours. NPP offers 24/7 availability, ensuring you can live your life on your own terms without worrying about whether the bank is open or closed or what hours they operate on a weekend.
- Because the NPP uses the ISO 20022 messaging standard, more information can be included in a transaction message. This might not be the sexiest benefit, but it’s vital for businesses that need to send information like invoice numbers and other relevant payment descriptions.
- No longer will you be victim to the need to ask for long bank details, which you then have to carefully enter lest you enter an incorrect number, only to find out several days later when your money has left your account but not ended up with the correct recipient. Now, all that is required is a phone number, email address, or ABN to find and confirm that the person you’re transacting with is the right one.
Australia has come a long way since the heady days before 2018, when you had to send them the old ways. And no longer do Australians have to feel jealous when they travel to a developing nation only to find that the locals can pay for things far more easily than they ever could. PayID has changed the game and offered consumers and businesses alike the ability to move money around as they see fit.
