PayID Terms of Use

The PayID service is a New Payment Platform (NPP) payment addressing service operated by NPP Australia Limited that enables you to receive NPP payments using a PayID (e.g. your mobile), instead of your BSB and account details.

You have the choice whether to create a PayID.  We won’t create a PayID for you without your consent.

The PayID you select must be a supported PayID type (e.g. your mobile number) and you must link it to an eligible Macquarie account from the list we provide you. You can check the list of PayID types that we currently support and find more information about what accounts can be linked to a PayID in our FAQs.   

In creating a PayID, you represent and warrant that:

• you own or are otherwise authorised to use the PayID, and
• the PayID is current and not likely to be misleading to payers.

We can refuse your request to create a PayID.  For more information about the circumstances in which we may do this, refer to the FAQs.  

At the time you register your PayID, you’ll need to select a PayID Name which is the name we give you to identify you to payers (e.g. your full or partial name). We will provide you with a selection of PayID Names. Your PayID Name will be displayed to payers who send NPP Payments to you, to help prevent mistaken payments.

A PayID can be registered to one account only. However, you can choose to register one or more PayIDs per account, provided each PayID is unique.  For example, you and each joint account holder each may register your separate mobile numbers as PayIDs for receiving NPP payments to the joint account.

You can transfer your PayID:

•  to another eligible account you hold with us. You will need to close your PayID, and then follow the steps to create a new PayID.  This will generally be effective immediately, unless we notify you otherwise; or
•  to another financial institution. This is a two-step process that’s initiated with us and then completed by you with the other institution. First, ask us to put your PayID into a transfer state (this change will generally be effective immediately unless we notify you otherwise).  You will then need to complete the transfer with the other financial institution.  Until the transfer is completed, NPP payments to your PayID will be directed to your current linked account with us. If the transfer request is not completed with the other financial institution within 14 days, the transfer will be deemed to be ineffective and your PayID will remain with your current linked account. You can try to transfer your PayID again at any time.

For more information about how to initiate a transfer request, refer to the FAQs.  

To transfer an existing PayID to Macquarie, you need to contact the financial institution where your PayID is currently registered and start the process with them.  

We monitor PayID to manage PayID use and fraud. We can lock your PayID at any time without notice if we reasonably suspect that your PayID is being used for fraudulent purposes.

You won’t be able to transfer your PayID or receive payments to your PayID while it’s locked.

You can close your PayID through the ‘Manage PayID’ function in the Macquarie Mobile Banking app or Macquarie Online.  This will generally be effective immediately, unless we notify you otherwise.  You must let us know immediately if you no longer own or have authority to use your PayID.

We can close your PayID where:

• we’re not satisfied that you own or are otherwise authorised to use that PayID
• we reasonably suspect that the PayID is or has been used for a fraudulent purpose, or
• your PayID has remained locked for a period that we reasonably consider to be excessive

If we and the sending financial institution determine that an NPP Payment made to your account is either a mistaken payment or a misdirected payment, we may, without your consent, and subject to complying with other applicable terms and conditions, deduct from your account an amount up to the original amount of the mistaken payment or misdirected payment.  Refer to the Macquarie Electronic Access Terms of Use which sets out more information about mistaken payments.

By creating a PayID, you authorise us to provide your information (including your PayID, PayID Name and account details) to NPP Australia Limited which will be shared with participating financial institutions and other users of the PayID service to enable payers to make NPP Payments to you, and for the information to be stored in the NPP service.  

We may change these Terms of Use at any time for one or more of the following reasons:

• to comply with any change in relevant law, code of practice to which we subscribe, or change required by the operator of NPP
• to manage the consequences of changes to our business or systems
• to reflect the decision of a court, regulator or ombudsman
• to address any security issue
• to make these Terms of Use clearer.

We will give you notice of changes that are unfavourable to you at least 30 days before the change takes effect, including where we:

• introduce a new fee or increase an existing fee relating to NPP Payments
• impose, remove, or adjust a daily or other periodic transaction limit applying to NPP Payments that increases your liability for losses.

Notice of other changes to the Terms of Use will be given on or before the day the change takes effect.

Notice may be given by email or through Macquarie Online or the Macquarie Mobile Banking app.

If you don’t accept any changes we make, please close your PayID and discontinue using PayID.

Please contact us 24 hours a day, 7 days a week, by calling us on 13 31 74 or emailing transact@macquarie.com if you have a query in relation to this PayID service.