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“Hey pal, remember that time you forgot your wallet when we went out for dinner? I was wondering… if you could pay me back?” Does this sentence make you cringe? Us too. Chasing up cash and bank details can be a massive inconvenience, but with the soon to be release, New Payments Platform (NPP) you’ll be able to make real time peer to peer payments with easy-to-remember information such as your phone number. Think of all those awkward situations avoided!
Before we delve into three common and uncomfortable payback scenarios, let’s get you up to scratch on what NPP is and why you should get excited. PayID is the name of the NPP addressing service that enables you to make and receive payments in a simplified manner. Rather than memorising financial details, like your BSB and account number, you can make payments easily through linking your phone number or email address to your PayID. You are able to share your PayID (a.k.a phone number) with your friends and also make payments using their PayID, if their financial institution is connected to real time payments. NPP and PayID are not yet available so stay tuned.
Top Awkward situations you’ll avoid with the new payments platform
- splitting the bill at a restaurant
- Dividing living costs with housemates
- You forgot you owe money to a friend
Splitting the bill at a restaurant
Splitting the bill at a restaurant with colleagues or friends is probably the most common awkward payments conversation you’ll have. From asking the waiter if they do split payments, to people leaving the restaurant to get cash from a nearby ATM, or even passive aggressively chasing people for their portion of the payment; it’s an uncomfortable situation that no one wants to be in. Thanks to peer to peer payments, splitting the bill is no longer an issue as it’s easy for everyone to send their money straight away to one person’s PayID at the table and have them pay. Now there is no need for chasing money or accumulating IOUs as the act can be done and dusted instantly using real time payments, and you can enjoy a great meal with friends without unnecessary tension!
Dividing living costs with housemates
Dividing living costs with housemates such as gas, electricity, water, TV subscriptions and grocery bills can get pretty tense. With NPP, you can settle the bills, joint groceries and other group payments on the spot while you continue to live in harmony as most households hope for. Another benefit of the NPP is you can include more detail in the payment information, so you can itemise, describe, or even emoji the description, making it easier to manage and reconcile, especially if a surprise payment arrives.
You forgot you owe money to a friend
Spending time with friends is rewarding and fun, but often things can become tricky when money is involved. With NPP, even if you aren’t carrying cards or cash, it’s easy to cover your portion of shared expenses on the spot. You can make and receive instant payments 24/7, so there’s no waiting around for the money to change accounts. If you’ve forgotten to pay, you can also avoid awkwardly asking for their full account details months down the track and pay easily with their mobile number.
So, now the awkward era of chasing payments has come to an end, you can enjoy peace and harmony with the arrival of NPP soon! Make sure your account details are up to date with your bank so the transition will be smooth sailing. Get ready for NPP by checking out this video to understand how the New Payments Platform works.
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