Payments system is lickety-split

SPLITTING the bill at restaurants and cafes can create awkward money moments, but may soon be a thing of the past.

From late January, a fast new way to pay is on track to start and dozens of different financial institutions are preparing to adopt it.

Known as the new payment platform, or fast payments, the system will use customers’ mobile numbers or email addresses to transact in seconds. It could spell the end of people claiming they forgot to bring money to a meal, but won’t stop tension about who splashed out on oysters.

New research by Beyond Bank Australia has found that consumers’ main grumbles about bill splitting are waiting for others to repay them, restaurants refusing splits, and people not carrying enough cash. Almost 40 per cent of split bills are split evenly.

Beyond Bank’s general manager of customer experience, Nick May, said splitting the bill annoyed many people.

“Many restaurants simply don’t allow it, only 16 per cent of us actually get around to transferring the money, and most of us don’t carry enough cash to cover the bill anyway,” he said. “All of these things will stop once real time transfer comes in and basically you’ll be able to pay friends at the table before you even pay the restaurant.”

People’s Choice Credit Union spokesman Stuart Symons said under the current system, transferring money between family and friends took up to 72 hours if it was between different financial institutions.

“The introduction of fast payments will mean that transfers between participating financial institutions will be processed and received within minutes, 24 hours a day, seven days a week,” Mr Symons said.

Samantha Good, 20, said splitting bills was often confusing because people rarely carried cash.

She would be happy to use a new faster system because “it would make it so much easier and people couldn’t get away without paying”.