Santander UK has launched the group money management app KiTTi – the first virtual ‘cash kitty’ of its kind. The app allows up to 100 friends to create collective pots of money, monitor and manage transactions, and pay using the KiTTi prepaid contactless MasterCard.
Customers of any UK bank can download the app, quickly and easily set up a KiTTi, invite their friends and start sharing money.
KiTTi was developed by Santander in partnership with end-to-end payment technology services provider Kalixa Payments Group, and global mobile technology business, Monitise.
KiTTi is accessed exclusively through a smartphone app, available on both iOS and Android and users do not need to be an existing Santander customer. The service is available to anyone over 18 with a UK debit card and works in the following way:
• Download the app from either the Apple or Android app stores
• One person registers as an owner to set up a KiTTi and is sent a KiTTi prepaid contactless MasterCard
• Each KiTTi can be given a name, target value and payment milestone(s)
• The owner invites friends to join the KiTTi via the app (text message is sent to their smartphone)
• The owner and friends pay into KiTTi by entering their debit card details, which they need to do only once, through the app’s secure payment process
• A small fee of 35p is applied whenever a payment is made into the KiTTi
• Using the KiTTi prepaid card, money can be taken out or used to pay for anything the group wants – in the UK and overseas
• Multiple KiTTis are managed through one app and one KiTTi card, making it easier to manage than cash – KiTTI owner and friends see money going in and coming out
• A single KiTTi has a maximum balance of £4,000
Kalixa’s integrated platform handles 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 centre, as well as risk and anti-money laundering systems).
The app was designed and developed with Monitise Create, the design and innovation studio which is part of mobile technology company Monitise. KiTTi is the latest initiative to come from strategic partners Santander and Monitise, which have previously collaborated on SmartBank – Santander’s banking app designed for students.
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services.
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