A new payment request sharing app, called TABBit, has launched in the UK with the aim of simplifying financial interactions between friends and family.
London-based fintech TABBx has unveiled Open Banking-enabled TABBit, which is designed to work with a “wide range” of UK banks.
TABBit can be used by individuals to share costs, including rent, utilities, meals out and trips.
Boy-Anthony Kuhne, chief executive officer of TABBit and a former vice president at Mastercard, said: “TABBit is not just about splitting bills or managing group expenses. It’s about eliminating the hassle of exchanging bank details or installing multiple apps.
“Our app ensures secure transactions directly through users’ banking apps, powered in a secure and safe way by Open Banking.”
Individuals can request to be paid via the app, which generates a link to be distributed via WhatsApp, Messenger, Instagram, SMS or email, and when the link is clicked, the recipient is taken to their banking app to make payment.
TABBit is free to download and use, while individuals requesting a payment will receive the full amount.
Those using the free version of the app will be able to make five payment requests a month, up to a total value of £500 per request and shared with up to 10 payers, with a link expiry time of seven days.
There is a ‘premium’ version for £2.49 a month, which allows 10 payment requests a month of up to £750 per request, which is able to be shared with up to 20 payers and with a 14-day link expiry.