Santander UK has launched a group money management app called KiTTi to counter the growing presence of tech giants like Facebook, Whatsapp, Google and Apple.
The app will allow up to 100 friends to create collective pots of money and pay through the KiTTi prepaid contactless MasterCard.
Available on both iOS and Android, the service is available to anyone over 18 years old with a UK debit card.
The owner can invite friends to join the KiTTi through the app or text message, and the payments are made by entering debit card details.
Sam Nixon, head of Kitti at Santander, said: "The idea behind Santander’s KiTTi app, which is completely unique in the UK, is to make it much easier for groups of people to pay for virtually anything, and with just one single KiTTi prepaid card. It’s really that simple. It’s easy to set up, invite friends to join, pay money in and take money out. Perfect for the WhatsApp generation."
The bank claimed that the app’s payment process is completely secure, and users can manage Multiple KiTTis through one app and one KiTTi card.
Santander developed the app in partnership with Kalixa Payments and Monitise.