What is PayTo and How to Make Payments using PayTo
This guide will help you understand all about PayTo, a real-time payment method.
What is PayTo?
PayTo is a digital payment solution offered by banks for an easy and secure way to authorise and control payments from your bank account which can be utilised in several ways, such as a digital alternative to direct debit, and allowing you to pay directly from your bank account where you previously needed a card (like for in-app purchases and online shopping).
It also offers some further benefits:
More visibility
You can see your PayTo agreements such as your gym membership and bills in one place.
Control at your fingertips
Authorise new agreements before a business can take any money out of your account.
You can view or pause your PayTo agreements at any time.
Keep you data private
You can choose to use your PayID (mobile number or email address) when you pay, so your account details and personal information can stay private.
A secure way to pay
Payments are protected as they’re approved within your online banking.
How does PayTo work?
When PayTo is the chosen payment method, the business will set up a PayTo agreement with you. This is where you agree how much, and when, you will pay them for goods or services. It could be a one-off, ad-hoc, or recurring payment.
You will need to provide your BSB and account number, or your PayID.
PayID can be a mobile number, email address, ABN or BSB, and account number.
The PayTo agreement will then appear in your internet or mobile banking app for your authorisation.
Without your authorisation of the PayTo agreement, the business cannot debit your account.
Once a PayTo agreement is authorised, the business can only debit your account in accordance with the payment terms that you have agreed to.
If you have a query about a PayTo agreement, you should first get in touch with the business. If they are not able to resolve your query, please get in touch with your bank.
Why should I pay using PayTo?
PayTo is an easy, secure payment option giving you more control over payments from your bank account.
You can see your PayTo agreements in your internet or mobile banking app, so you’ll know when payments will be debited from your account. You can pause, cancel and make certain changes to agreements there too.
PayTo also allows you to use your bank account directly for payments that previously needed a card. So now you just need your PayID, or BSB and account number – no need to remember card details and expiry dates.
For more information around PayTo you can visit the PayTo help centre here: PayTo Help Centre