Category: Money Matters
Chapter Select
Sub category: Spending
15 February 2018

Do you have an unpaid IOU?

You know how it goes. Maybe you’re out to dinner and someone doesn’t have their wallet. Maybe someone was late on their share of the electricity bill. Sure, in the past, things like this might have caused tension. In fact, we found in a recent Galaxy Research report that almost a third of Australians have fallen out with a friend or family member over unpaid IOUs. However with real-time payments between eligible accounts being introduced to a number of financial institutions, the ability to pay people back will become so much easier.

Check out some of the most common ‘I owe you’ scenarios, and see how real-time payments can stop IOUs from coming between you and a good time.

Take the tension out of travel

It has been a jam-packed day. You and your travel companions rented bikes to ride down to the beach, hired snorkeling gear, checked out the reef, then topped it off with some cocktails and a flamenco dancing lesson at a seaside club. You check your balance before your next drink and notice you’ve paid for most of the activities today. In the past, this may have led to some tension among the group. Not anymore.

If you and your fellow travellers are eligible for real-time payments, you don’t have to wait to get paid back for trip expenses. Using your PayID – a unique, easy to remember identifier such as your phone number or email address – you can get paid back in a jiffy.

Create household harmony

Let’s say someone in the house pays for groceries, then the electrical bill and then for the Netflix account. If you don’t pay your share of the bills on time, you might be getting the cold shoulder while you’re trying to enjoy Stranger Things.

There’s an easy solution. Get every bill-paying member of the house to create a PayID. As well as real-time payments, you can also send more detailed descriptions of the payment, helping you keep better track of everything in the house. You’ll be able to budget better knowing which payment is for the internet bill, which is for the groceries and so on.

If you need more of a boost for your budgeting, Splitwise helps people living together split the bills as they come in and keep track of who has paid for what. The app even sends friendly email reminders so you don’t have to slip into payment chasing mode.

No doubts on a night out

You’ve had a great time at dinner, when all of a sudden someone has to leave and they’ve asked you to cover their half of the bill and they’ll pay you back. Before they leave, check if their bank is set up for real-time payments. That way, rather than giving them your BSB and account number they can use your PayID and send you their half straight away through a real-time payment. Don’t forget to include any tips or additional service charges from the restaurant when you split up the costs.

Are you keen to rid yourself of IOU stress and take advantage of real-time payments? All you need to do to get ready is register your PayID. You can do that now, right here:

Important Information

Real-time payments can be made between accounts at participating financial institutions under the New Payments Platform. Payments made from an Orange Everyday bank account through the New Payments Platform will be capped at $1,000 per day per account. ING customers can receive real-time payments on the following accounts: Orange Everyday, Savings Maximiser, Savings Accelerator, Business Optimiser, Orange Advantage and Mortgage Simplifier.

Source: Survey conducted by Galaxy Research for ING, January 2018

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms

Related articles

Money Matters