PayID is a great way to move money around in Australia.
It’s a simple way to remember and send money directly to another bank account, without an account number.
PayID is a popular payment method for buying and selling Bitcoin instantly and securely in Australia.
Buying crypto assets with this service is easy, due to wide variety of exchanges that have PayID support.
Australian investors can leverage the NPP network to deposit dollars to a crypto exchange platform from their bank accounts.
In this article, we’ll show you the steps you should follow to buy cryptocurrency with PayID payment service.
Let’s dive in…
How to buy Bitcoin with PayID
Buying cryptocurrencies with a PayID deposit is easy due to the wide variety of exchanges that have the support.
To make this tutorial very simple, we are going to use Binance to purchase Bitcoin using a PayID account.
I hope you have an account already with on Binance, otherwise, register and complete the AML/KYC verification.
Follow the steps below to buy Bitcoin using PayID:
- Go-to the Binance platform and login
- Highlight the navbar and select P2P marketplace
- Enter the amount of Bitcoin or Altcoins to buy
- Select the ‘PayID’ as your desired payment method
- Find a trusted vendor based on past successful transactions
- Enter a deal follow the seller’s payment terms and conditions
- Find your unique PayID account deposit details
- Transfer AUD from your Australian bank account.
Once the vendor confirms your deposit, the escrow service will released your Bitcoin into your exchange account wallet.
Introduced in 2013, PayID is a universal ID for payments built on HTTP/DNS and part of the New Payments Platform (NPP) for Australian banking institutions.
It’s easier for citizens of Australia to send and receive money in real-time, as NPP is available for customers 24 hours a day and 7 days a week.
A PayID can be something easy to remember such as an email, phone number or an ABN, ACN, ARBN, or ARSN.
To use PayID, you need to create an account with a financial institution or payment provider, then link it to your bank account.
You can then use your PayID to receive payments by sharing your identifier (i.e. email address, mobile phone number) or a unique PayID string assigned to you.
Every PayID transaction fully secured, while AUD deposits via PayID are also entirely free with no hidden fees.
No, PayID can only be used for making bank transfers and payments within Australia.
Bottom line
PayID is a great way to move money around quickly and securely when you’re living in the Australia.
Using this method, you can deposit AUD onto an exchange with zero fees, enabling you to start transacting digital assets immediately.
Binance is best recommended crypto platform for PayID deposits, but there are few other exchanges available that also offer this service.
If you’re just getting to know about this exchange for the first-time, then you have to read my review on Binance platform.
It’s has low fees, high security measures, and features the most recent technologies in the space.
Do not forget that leaving your cryptocurrency on an exchange where you bought them is risking it.
Using a hardware wallet will help in keeping your funds away from all the thefts that exists in crypto market.
Personally, I recommend ledger wallets due to their security features and the fact that they don’t need internet to store your crypto assets.
Moreover, you can read my review on both Ledger Nano X and Ledger Stax to learn more about these crypto storage devices.
