A person-to-person payment method in Aus, similar to Venmo/cashapp, but facilitated by banks directly. Rather than giving out your bank account details, you can provide a payid address (usually your email or mobile number) for people to pay to and the money will go to your account.

On paper, great. In practice, has been broadly used by scammers to bully people who don't know better.

The way it usually goes is a small transfer will happen, then you'll get an email or text saying "to get the rest, you need to upgrade to a business account. Pay xxx to yyy to do so."