New fintech challenges the status quo; eliminating card fraud, removing the friction in digital payments, and slashing transaction fees – saving UK businesses over £9bn a year
London, UK, 18 March 2021 – Today marks the launch of BOPP, a brand-new payment platform that removes the need for cards, and uses Open Banking to facilitate immediate, secure payments directly from one bank account to another.
A payment request can be sent in the form of a pay 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.
“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 re-think how they get paid,” comments Ian Gass, CEO of Agitate, the company behind BOPP. “Every time a merchant uses BOPP, they save money, reduce fraud, and get cash in the bank immediately.”
In 2019, over £1bn was lost in card fraud, with card not present fraud at a staggering £470m. Generating a payment link from BOPP eliminates this. The technology wipes the slate clean as every bank account that requests payments is verified by BOPP directly from their business bank. All payments made using the platform are consented to by the payee using their biometrics and online bank app security.
Businesses accepting card payments pay up to 3% in transaction fees and may have to wait 3-5 days before actually receiving their funds (and this ignores other drawbacks such as card fraud and chargeback costs). BOPP simplifies electronic payments by making it much easier for customers to pay businesses directly bank-to-bank, cutting out all the middlemen. BOPP is completely free for personal use, and businesses pay just £10 per month all-in. Zero transaction fees, and funds received in seconds.
“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,” added Gass. “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.”
With the ability for UK consumers to easily click or scan to pay, with zero transaction fees for organisations, means that the charity sector in particular is seeing the potential in BOPP. NHS Charities Together is already signed up as a launch customer to make donating simpler and more secure.
Justine Davy, Head of Fundraising for NHS Charities Together; the national charity raising funds to support NHS staff, patients and volunteers said, “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.”
The team at Agitate, creators of BOPP, build secure scalable technology for both business and consumers. It started in 2017 and is a company of financial services professionals, developers and engineers with a vision of making and receiving electronic payments easy for everyone with a bank account. It combines decentralised identity, blockchain and Open Banking to deliver digital solutions fit for the 21st century. BOPP is regulated by the Financial Conduct Authority (FCA) in the UK.
Octopus Group for Agitate