Agitate launches open-banking, cardless payment solution
The London-based fintech Agitate, which specialises in payment solutions and identity software, has revealed it’s latest solution that looks set to end card fraud.
BOPP, th e new system, simplifies digital payments, uses Open Banking to facilitate immediate account to account payments, removes the need for cards and lowers transaction costs.
According to reports, Agitate says a payment request can be sent through messaging platforms including SMS, WhatsApp, QR code or via email. The customer can then access the secure BOPP platform which is connected to the seller’s online banking app. This provides all the transaction and payee information so that the payment can be authorised in real time and cards are not needed at all.
According to Agitate, a payment request can be sent in the form of a payment link via SMS, WhatsApp, email or QR code. The payment request link takes the user to the secure BOPP site, connects to the recipient’s online banking app and provides all the payee and transaction details – the payer only needs to authorise and confirm the payment with their bank. The money is transferred securely in real-time, without the need for credit or debit cards.
Speaking about the launch of BOPP, Ian Gass, CEO of Agitate explained, “We all know that paying with cash is becoming a thing of the past, and with the amazing progress in the world of payments, businesses have an opportunity to rethink how they get paid.”
He continued, “Every time a merchant uses BOPP, they save money, reduce fraud, and get cash in the bank immediately.”
Gass pointed out that BOPP streamlines the payments process because customers can pay businesses directly via bank-to-bank transactions. This removes a third, middle-man process. The service is also free for personal use while businesses are charged just £10 per month for all their transactions.
He said, “In 2019, £829 billion was spent using debit and credit cards in the UK alone from 22 billion transactions. If you take an average card processors fees of 1.5%, this means UK businesses spent over £11bn in fees.”
He added, “If BOPP was used, the fees would save over £9bn a year. UK businesses work hard to get customers and make money, but every time someone pays using a card, they pay ridiculously high fees. It’s important to us to support UK businesses by enabling them to make more from each sale, have a stable cashflow, and have the tools they need to bounce back and ultimately thrive in these difficult times.”
Meanwhile, Justine Davy, Head of Fundraising for NHS Charities Together; the national charity raising funds to support NHS staff, patients and volunteers commented, saying, “We are excited to work with the team at BOPP to showcase the ease of donations using QR codes but also the wider use of BOPP as a donation method. Providing a new and easy way to donate securely and safely without the need for donors to enter card details, is something we are keen to offer.”