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 straightforward answer to this question, there are several reasons why some real money casinos including Ozwin Casino, FairGo and Ripper Casino, have 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.
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