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An IOU is a promise of money, goods, services, or other items of value, and may be either written or verbal. An IOU is less formal than a contract, and is generally not held to be legally binding.

IOU is also a cellular phone service on Vodafone New Zealand where if a customer sends the letters IOU by form of SMS ( text messaging) to 464, he/she will get a NZ$2.00 top-up, which is repaid when the "debtor" next tops up his/her phone. The IOU service isn't really that necessary because on Vodafone, a phone call costs NZ$0.49 a minute and text messaging costs NZ$0.20 per SMS unless specified otherwise (on a rival cellular network, Telecom, you can send 500 SMS messages for only NZ$10.00 so you don't really need the IOU service.)

While it appears as an acronym, it is a homophone for I owe you.