UK-based Agitate has launched BOPP, a new payment platform that removes the need for cards.
To support the release, the company received $3.5m from a group of angel investors, including Frank Schilling,
The platform leverages open banking for secure payments to be immediately sent from one bank account to another.
A payment request can be sent as a pay link through SMS, WhatsApp, email or QR code. The link will take the user to the BOPP site, connects to the recipient’s online banking app and provides the transaction details. The payer simply needs to authorise and confirm the payment with their bank.
Money is transferred in real-time, without the need of a credit or debit card.
Without the need of using cards, the payment method can stop card fraud incidents.
Agitate CEO Ian Gass 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.
“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.”
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