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.
"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.
"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.
"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 Alistair Crane, Chief Sales Officer at Monitise.
"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."
