PayID vs POLi: which banking method is better?

PayID: An Australian payment system that lets you send money using an identifier like a phone number or email address via your bank’s online banking. When you deposit with PayID at a casino, you essentially make a bank transfer using Osko. 

Instead of entering BSB and account numbers, you use a provided email or phone number. It’s part of the NPP (New Payments Platform) and transactions are typically instant.

POLi: An online payment service (owned by Australia Post) that facilitates payments from your bank account to merchants. When you choose POLi at a casino cashier, it opens a secure window where you log in to your internet banking through the POLi interface and approve a transfer to the merchant (casino). 

POLi then confirms the payment to the casino in real time. It’s essentially a bridge between your bank and the merchant, acting like an instant bank transfer system without you leaving the casino’s site.

As mentioned, PayID transactions are near-instant 24/7. If you deposit via PayID, once you complete the transfer from your bank, the casino should receive the funds within under a minute. 

For withdrawals, if the casino supports PayID payouts, once they send the money, you’ll get it instantly in your bank account.

Deposits made with POLi are effectively instant in terms of your casino balance – because the casino gets confirmation in real-time that you completed the bank transfer. You don’t have to wait for days; casinos credit your account immediately when POLi says the payment is successful. 

However, behind the scenes, POLi is triggering a standard bank payment (which might be Osko instant or could be a normal transfer depending on your bank). But the key is, from the user perspective, a POLi deposit is as fast as PayID for getting money into play.

When using PayID, you only interact with your trusted banking app or website. You don’t share your banking password or any sensitive credentials with the casino or any third-party. The security relies on your bank’s systems (encryption, two-factor auth, etc.) which are top-notch. 

Additionally, as covered earlier, PayID shows you the recipient’s name for confirmation, reducing the risk of misdirected payments. From a security standpoint, PayID is very safe as long as you, the user, ensure you’re sending to the correct PayID.

POLi is designed to be secure and has been used in Australia for years (especially for government payments, airlines, and gambling sites). However, the way it works might give some users pause: during a POLi transaction, you log into your internet banking through the POLi interface. 

This means you are inputting your bank login details into POLi’s system (not directly on your bank’s site or app). POLi then automates a bank transfer on your behalf. They state they do not store your login credentials and just act as a conduit. Nevertheless, some banks have at times cautioned against POLi due to credential sharing. 

To use PayID for deposits, you often need to manually make the payment outside the casino website. For example, you might have to open your banking app, choose PayID, enter the casino’s details and amount, then go back to the casino to see the funds. This is a bit of a manual process and requires switching apps or browser tabs. 

The first time, it might feel a little cumbersome (especially including copying any reference the PayID casino asks you to add). That said, once you’re used to it, it’s quite straightforward. Many find it simple because it’s basically doing a normal bank transfer which they are familiar with.

Using POLi is integrated into the casino’s deposit flow. You choose POLi, a window pops up asking for your bank and login. You log in right there and select your account and confirm payment, then you’re dumped back to the casino, all done. You don’t have to manually notify the casino – it all happens seamlessly. 

This can be very convenient as it keeps everything in one place. The downside is the aforementioned security concern some people have, and also POLi may not work for every small credit union or unusual banking setup.

PayID: Free for users. Banks do not charge customers for making PayID payments or receiving them. Casinos generally do not charge any fee for depositing via PayID either. It’s cost-free from the player’s perspective.

POLi: Free for users as well. You won’t be charged by POLi or the casino for using it. POLi makes money by charging the merchant a fee for each transaction. So, like PayID, it costs you nothing extra to deposit.

PayID is only available for transactions in Australian Dollars (AUD) between participating Australian banks. For Australian players, that’s perfectly fine. More and more online casinos targeting Australia are adding PayID as a deposit option, but it’s still relatively newer in the iGaming space. 

In 2021-2022, few sites had it; by 2024-2025, a large number do. If your casino offers it, you’ll usually see “PayID” or “Osko” mentioned in the banking page. One limitation: not all casinos have implemented PayID for withdrawals yet – some only use it for deposits.

POLi has been around longer in the online gambling scene and is widely offered on many Aussie-friendly casinos and betting sites. Also, it works for New Zealand players (NZD currency) as well, whereas PayID is Australia-specific.

Almost every sportsbook or casino that caters to Australia will list POLi as a deposit method. That said, with the rise of PayID, some sites might prioritize PayID or replace POLi down the line. For now, POLi has very broad acceptance for deposits.