Difference between PayID and PayTo
This table summarizes the main differences between PayID and PayTo.
PayID | PayTo | |
---|---|---|
Definition | PayID is an alias that links to a bank account. | PayTo is a payment agreement between a payer and a payee. |
Use Case | One time payment | Recurring payment |
Payment Address | Dynamically / Static Generated | Through a payment agreement |
Ease of use | Users need to open their mobile or web banking application and make a payment to the generated PayID each time. | Users only need to set up the payment agreement once. After that, the merchants can initiate the payment on behalf of the users. |
Popularity | Widely adopted | Relatively new |