What function does the payee look-up service, PayID, provide in Australia's payment system?

The payee look-up service, known as PayID in Australia's payment system, primarily facilitates easier identification of payment recipients. It allows users to link their bank accounts to a meaningful identifier, such as a mobile number, email address, or ABN. This means that when making payments, individuals don't need to enter long and complex bank account numbers; instead, they can simply use the easy-to-remember identifier associated with the recipient's account. This enhances convenience and reduces the likelihood of errors during transactions. The service is designed to streamline the payment process, improving the overall user experience in the payment system.

The options that involve increased transaction fees, limited support for international transfers, or the need for physical presence for verification do not accurately describe the core function of PayID. Instead, they focus on aspects that are unrelated to the main purpose of facilitating quick and clear identification during payments.