Since its launch in February 2018, the real-time payment service PayID has overhauled the online banking scene, attracting players with its simplicity of use. One year after the launch, after a series of delays, error messages, and database congestion problems mostly caused by the huge demand, the service was still not implemented by the country's largest four banks.
The service was embraced by a number of online casino operators eager to offer a quicker payment alternative to their customers in 2021. Gradually, popular casinos online that had originally embraced PayID started removing the service from their list of accepted banking options for Australian players.
If you are currently dealing with the dilemma of having to find an equally fast and simple banking alternative to PayID, read on to find out why some Australian casinos no longer accept PAyID and for a breakdown of the best payment methods to replace PayID for online casino players that we recommend.
What Is PayID and Why Was It Beneficial for Online Casino Players?
PayID was created by the New Payments Platform to enable instant payments between Australian bank accounts with the help of a universal payment identifier. The service completely eliminated the need to remember and disclose standard BSB and bank account numbers. This helped PayID quickly become a point of attraction for numerous online casino players who didn't feel comfortable disclosing their banking details on online and mobile casino platforms. In order to process their payments using PayID, players were asked to use an email address, phone number, or Business Number.
Why Do Online Casinos No Longer Accept PayID?
While we couldn’t find a simple and straightforward answer to this question, there are several reasons why top casinos online for real money like Fair Go decided to no longer allow their members to make PayID payments. Here is what we know so far:
- The money transfer service is offered by Osko to customers with an active bank account at any of the participating banks and financial institutions as part of the agreement. While more than 100 banks are currently providing the PayID feature to their clients, not all banks have embraced it. Casino operators understood that not all players felt comfortable with opening a new account with a new bank just to be able to benefit from this payment option, provided their own bank did not offer the option.
The initial high traffic, database congestion problems, technical errors, connectivity issues, and delays in using the service may have convinced casino operators to reconsider their decision to offer PayID payments because of the obvious transaction delays resulting from these issues.
While a single bank account can have multiple PayIDs, a PayID user is only allowed to link a single bank account to the identifier. Provided a player does not have sufficient funds in the respective account, they cannot make a deposit with a PayID casino. Some operators wanted to eliminate this limitation and frustration by removing PayID from their list of accepted banking options.
PayID casino players are unable to cash out casino winnings directly from their PayIDs. They need to wait for the money to show up in their PayID accounts, then transfer the sum to their bank accounts.
PayIDs may be subject to various security investigations, which will usually require users to get in touch with their bank for further assistance. This may be regarded as an inconvenience for some players.
While a very small number of online casinos continue to offer PayID, the great majority of top casinos like Ozwin Casino or Ripper have eliminated this option from their Banking pages in the last few months. Luckily, there are plenty of alternatives to PayID. Here are some of the most popular of them that our casino review experts recommend to Aussie players:
Best Alternatives to PayID for Online Casino Players
Neosurf. This is one of the most popular payment options for punters eager to make quick and safe deposits without having to use their credit cards, wire transfers, or e-wallets. Launched in 2014, Neosurf brings a high level of reliability, security, and affordability to the table. The French prepaid voucher service is managed by UK's Financial Conduct Authority, while closely following the Electronic Money Regulations Act. Australian players can opt for different types of Neosurf prepaid vouchers, including Classic Neosurf prepaid cards available in denominations ranging from $15 to $100 and Minor Neosurf prepaid cards with denominations between $10 and $20.
Bitcoin is gradually turning into an extremely popular banking option at online casinos thanks to its perks. Among them, the high levels of security and anonymity players can benefit from thanks to transactions based on blockchain technology. This technology protects personal information from hacker attacks and other third-party threats online. Bitcoin casinos also rely on cryptographic hash technology and provably fair software for 100% safe, fair, and random outcomes.
Cryptocurrency. Most casinos that accept Bitcoin also display other cryptocurrency payment alternatives, including Ethereum, Litecoin, Dogecoin, or Tether. Casinos that accept cryptocurrency as a payment method allow players the opportunity to deposit and cash out their funds using Bitcoin, Bitcoin Cash, Litecoin, Ethereum, tether, Dogecoin, and other similar tokens. These casinos also guarantee instant transfers, anonymity, and very small or non-existent processing fees.
eZeeWallet is a digital payment method embraced by a large number of casinos online that accept punters. Thanks to its security, fast processing speeds, and excellent user-friendly interface, eZeeWallet is great at maintaining a safe and well-streamlined gaming experience online. EzeeWallet lets players fund their casino accounts without having to worry about revealing any of their bank details.
Classic credit and debit cards, bank transfers, POLi, Skrill, and Neteller are additional alternatives to PayID for Aussie casino players. The best casinos online offer a rich variety of banking options for withdrawals and deposits. Make sure to take your time when reading our expert casino reviews and only choose those platforms that can cater to your exact needs in terms of game choice, speed and security.