Macquarie unlocks fee-free rental payments for Australians with the launch of PayID^® on DEFT

Macquarie Bank has announced the arrival of PayID on DEFT, enabling tenants across Australia to pay their rent in near real-time and avoid third-party processing fees.

DEFT is used by more than 1,200 real estate agencies across Australia to help tenants make more than 1.2 million rental payments each month easily and securely. The addition of PayID will give tenants a fee-free payment option that is more convenient, secure and faster than alternatives including paying by card.

“The rollout of PayID on DEFT will mean that tenants can avoid the fees charged by some ‘RentTech’ platforms for simply paying their rent. The near real-time nature of PayID means that tenants can also avoid dishonour fees charged by many of those platforms,” says Olivia McArdle, Head of Deposits and Payments at Macquarie Bank.

Tenants are provided with a unique DEFT reference number by their real estate agent, most of which are now automatically enrolled by Macquarie for PayID. When tenants use PayID to make a payment on their Banking App or Internet Banking, they’ll be able to confirm the details of their letting agent before paying their rent, providing an additional layer of protection against both common errors and rising scam and fraud attempts.

McArdle added: “Everything we do at Macquarie Bank is focused on improving customer outcomes. Rent is already a major expense for many Australian households and paying it shouldn’t come with added fees. The introduction of PayID avoids this while making payments easier, faster and more secure for tenants. It will also help our real estate agent clients to meet their obligation to provide at least one free, accessible method for paying rent.”

The launch of PayID on DEFT builds on Macquarie’s broader commitment to providing fee-free essential banking services to all Australians.

“We’ve been clear that essential financial services shouldn’t come with unnecessary fees, which can build up over time,” said McArdle. “That’s why we offer fee-free transaction and savings accounts to our personal and business banking customers. We’re extending that same approach to renters via our payments platform. Wherever new technology allows us to make payments faster, more securely and at lower cost, we want customers to get that benefit.”

With the arrival of PayID, Macquarie aims to cement DEFT’s reputation as a convenient and cost-effective payments solution helping millions of Australians save time and money while making important, high-value payments.

This information is provided by Macquarie Bank Limited ABN 46 008 583 542 AFSL 237502. It doesn’t take into account your objectives, financial situation or needs – consider if right for you. PayID is a registered trademark of NPP Australia Ltd ABN 68 601 428 737.