Osko vs PayID
These are not competitors and you are not meant to pick one. PayID is what you type in; Osko is what happens next. The reason people compare them is that banks show both words and explain neither.
Use both, because you almost certainly already are. PayID is an addressing service — it lets someone pay you at a phone number or email instead of a BSB and account number. Osko is the overlay that moves the money in seconds. A payment sent to a PayID at a participating bank is typically an Osko payment. If there is anything to decide here it is how you are addressed, not how it travels, and addressing by PayID is the safer of the two because it shows you the account name before you send.
Side by side
Neither of these charges the customer a fee of its own, so there is no cost row to compute — what you pay is set by the card or account behind the wallet. The rows above are what actually separates them.
Which one, and when
Someone asks how to pay you
A phone number or email is harder to mistype than a six-digit BSB and an eight-digit account number, and if it is wrong it simply fails rather than paying a stranger. Osko is not something you can hand over, because it is not an address. This is the practical shape of the difference.
You want to see who you are paying before you send
PayID shows the registered account name for the address you entered. Paying by BSB and account number gives you that check only sometimes, depending on the bank. Since none of these payments can be reversed once sent, the name displayed before you confirm is the single most useful safety feature in the whole system — and it is the reason to prefer PayID addressing.
The money needs to arrive now
Speed comes from Osko, not from PayID, and Osko applies to eligible payments whether they were addressed by PayID or by account number. If a transfer is slow, the usual cause is that one of the two banks does not offer the service on that account rather than anything you chose.
You are trying to work out which your bank supports
They are offered independently, so a bank can support one and not the other. Coverage for both is close to universal among Australian banks, but "close to" is doing real work in that sentence — it is worth confirming for the specific account rather than the institution.
Where each one loses
Osko is not something you can give out or choose at the moment of paying — it is applied by the banks, so it cannot solve a problem you are having. Its name check is only sometimes present, because a payment addressed by BSB and account number has no name to check against.
PayID is only an address. It does nothing for speed on its own, it cannot set up anything recurring, and registering one ties a phone number or email to your bank account, which is worth thinking about before using a work address you may lose.
General information about payment methods available in Australia. Not financial advice. Fees, limits and features change — verify current terms with the provider before acting.