Instant Banking, Is It For You?

At some point in your life, you might have heard of internet banking. It is an essential factor that binds cardless cash and mobile banking apps altogether. However, are you familiar with instant banking? Though it may sound like the same from the aforementioned, it offers a new approach. Instant banking is a latest payment scheme that’s hailed as the best solution for instant online payments. So how does it actually works? Read along this article to find out.

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What is New Payments Platform?

Based on our firsthand experience, new Payments Platform or NPP is developed to reinforce fast payment transactions. It reconstructs the way you send your money. But of course, your payments can still be directed to account numbers and BSB, however with this new method, you can make other identifiers or “PayID” to make the process easier. PayID uses personal details like your email address or phone numbers as a way of identification during payment transfer. On top of that, this platform is open for transaction for 24/7.

Main Features of NPP

NPP has three main features that will affect how you process your banking and these are:

1. Fast Transfer

NPP offers businesses and consumers the chance to facilitate real-time transfers. You don’t have to wait for more than 3 business days for the cash to be transferred to your account. You can also facilitate money transfer anytime since NPP operates for 24/7.

2. Simplified IDs

With NPP, you don’t have to bother memorizing your bank numbers anymore since identification is made easier using PayID. It is a single identification card that is much easier to remember compared to old banking formalities.

3. Lengthy Transfer Descriptions

It is difficult to fit all your transaction description in less than 30 words, especially if it involves business. Thanks to NPP, you can now have longer transfer descriptions since they increased their character limit. You can now take advantage of approximately 280 characters, emojis included.

What is a PayID?

Basically, your PayID won’t replace your account number or BSB. Instead, it is simply the addressing service of NPP. For example, you went to dinner with your friends and you want to pay the bill, everyone can just transfer their share to your PayID. You don’t have to remember your banking details anymore and let everyone know so they could send you their share. PayID eliminates that hassle! When you are done setting up your PayID, all you need to do is distribute the identification form to your friends for the transfer. On top of that, you’ll also get the payment in a real-time setting and you don’t have to wait for how many days anymore or suffer from banking delays.

Setting Up Your PayID

Our findings show that, you can make your PayID by joining an online or mobile banking service from financial companies. But you need to visit their website or reach out to them directly if you have no idea how to set up a PayID. When it comes to the form of identification that you can utilize for setting up your PayID, you have plenty of options to choose from. The majority of people who do so use their phone number or email address because these are the most convenient identification details to acquire. In the case that you have multiple accounts with various financial providers, take note that you can only connect your PayID to one account. This being said, you need to set up numerous PayIDs if you have many accounts.

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Is PayID Safe To Use?

Based on our observations, online payments are always exposed to several risks including identity theft, abuse, and fraud. With regard to this, PayIDs can only be set up via your financial company’s online banking platforms. This means that your PayID is secured by the similar security measures used in protecting your internet banking details. Moreover, the only transaction that can be made using your PayID is money transfer. Someone can only utilize it for putting money into your account but they can’t take anything. However, if you are still worried, you can always reach out to your financial provider and consult them for advice.

Osko

Osko is the pioneer of the first-ever overlay service to use the NPP ever since it was released. It is developed by the makes of BPAY and it enables you to facilitate money transfers to family and friends in a real-time manner. Osko is also linked to multiple bank accounts, just like BPAY. To make the most out of your instant transfer benefits, you can choose the Osko option when facilitating money transfers.

NPP redefines the traditional way of banking and offers a new approach to money transfer. By far, it is one of the fastest, simplest, and safest way to transfer funds. It doesn’t need rigorous paper works as well.

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