UK Fintech Agitate introduces BOPP payment solution to end card fraudulence

London-based payment and identity company Agitate has launched its new payment solution BOPP to end card frauds

Agitate, a payment and identity company based out of London has recently launched its payment solution BOPP, according to the media. The company aims to put an end to card frauds, simply digital payments and importantly reduce the transaction fees involved during each transaction.

BOPP uses Open Banking and facilitates immediate and secure payments directly from one bank to the other by eliminating the need for cards. According to Agitate, the payment request can be shared via SMS, WhatsApp, email or QR code. This request link leads the user to the secure BOPP site and connects to the recipient’s online banking app. Then it provides all the payee and transaction details and the payer is required to authorise and confirm the transaction with their bank. The money is thus transferred in real-time, without the need for credit or debit cards.

Ian Gass, Chief Executive Officer of Agitate addressed the media and said, “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.” He also added that “Every time a merchant uses BOPP, they save money, reduce fraud and get cash in the bank immediately.” BOPP is free for personal use and businesses need to pay £10 per month all-in.

Ian further explained that £829 billion was spent using debit and credit cards in the UK alone from 22 billion transactions in 2019. This means that UK businesses spent over £11 bn in fees and the introduction of BOPP could save £9 bn a year. He said it is important to support UK businesses by enabling them to make more from each sale and have a stable cash flow.

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