UK FinTech Agitate launches payment solution BOPP to end card fraud

By Megha Bhattacharya

London-based payment and identity company Agitate has announced the launch of its payment solution BOPP with an aim to end card fraud, simplify digital payments and reduce transaction fees. BOPP removes the need for cards and uses Open Banking to facilitate immediate, secure payments directly from one bank account to another.

“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.”

According to Agitate, a payment request can be sent in the form of a payment 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.

BOPP simplifies electronic payments by enabling customers to pay businesses directly bank-to-bank, cutting out all the middlemen. BOPP is free for personal use, and businesses pay £10 per month all-in.

“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.”

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.”