Santander UK has launched a group money management app called KiTTi which allow 100 friends to create collective pots of money and pay through the KiTTi prepaid contactless MasterCard. The first virtual “cash kitty” of its kind allows users to create collective pots of money, monitor and manage transactions.
Customers of any UK bank can download the app, set up a kitty, invite their friends and start sharing money.
Santander in partnership with Kalixa Payments Group (end-to-end payment technology services provider) and Monitise (global mobile technology business) developed KiTTi.
Anyone with an iOS or Android smartphone can access the KiTTi app. The user doesn’t need to be a Santander customer. Anyone above 18 can avail the service with a UK debit card. More information regarding how the app works can be viewed here.
All KiTTi payment functionality including the mobile wallet (funds transfers and management, gateway and acquiring services, transaction processing and card tokenization), the prepaid contactless card (account provisioning, card issuance and transaction processing) and operational services (customer services including contact center, as well as risk and anti-money laundering systems) are handled by Kalixa’s integrated platform.
Monitise Create, the design and innovation studio which is part of mobile technology company Monitise, designed and developed the app.
“We’ve all been through the hassle at the end of a fantastic meal with friends when it comes to splitting the bill. You get a pile of notes, coins and cards in the middle of the table and then have to divvy up the change. And you know at least one of your friends is secretly annoyed because they feel they’ve paid more than they should,” says Sam Nixon, Head of KiTTi at Santander, in a press release. “The idea behind Santander’s KiTTi app, which is completely unique in the UK, is to make it much easier for groups of people to pay for virtually anything, and with just one single KiTTi prepaid card. It’s really that simple. It’s easy to set up, invite friends to join, pay money in and take money out. Perfect for the WhatsApp generation.”
“The emergence of the shared economy where individuals pool resources, information and even consumption is an undeniable trend. Traditional cash-based systems that are inconvenient and onerous for consumers are being replaced by simple, inclusive and sustainable services made possible by mobile. KiTTi is at the crest of this wave,” said Jonathan Bennett, Chief Commercial Officer at Kalixa Payments Group, in a press release. “Advanced services require advanced technology. Kalixa’s platform has enabled Santander to bring the service to market quickly, with the latest functionality, fully integrated, without the complexity of working with a plethora of different providers across the value chain.”
“KiTTi is a fresh and revolutionary service which represents a major step forward in social banking and payments,” said Chief Sales Officer at Monitise, Alistair Crane, in a press release “Santander is putting its customers first by embarking on innovative mobile launches which have the consumer’s needs, lifestyle and preferences at the heart of them. Through our partnership with Santander, we are progressing a number of home-screen, “human-first” innovations which will ultimately transform the way consumers interact with their money.”