Seeking to eradicate the need for cards utilising open banking, BOPP has launched to bolster UK business payments.
The firm facilitates transactions via a payment request, which 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.
“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,” emphasised 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.”
It comes as card fraud continues to be a prevalent issue, something the firm is seeking to eliminate as it builds on new technology.
“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.
“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,” added Justine Davy, Head of Fundraising for NHS Charities Together; the national charity raising funds to support NHS staff, patients and volunteers.
“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.”