‘KiTTi’ allows up to 100 people to deposit into an online account and has been dubbed “perfect for the WhatsApp generation” by CEO, Ben Green.
The app, which is the first of its kind in the UK, promises to make saving for stag-dos, birthday gifts and shared houses easier.
It can be downloaded by anyone with an Apple or Android device and is not exclusive to Santander customers.
Once someone has registered an account they are sent a prepaid MasterCard and will be able to invite people to join the group.
The online kitty can then be given a name, target value and deadline for all deposits. One person can have up to 12 accounts at a time which are all linked to one card.
All group members pay into the kitty by entering their debit card details into the app, with each kitty able to hold up to £4,000. Group members are charged 35p for each transaction.
Ben thinks the app will ease the stresses of everyday occasions and make it much easier for groups to pay for “virtually anything”.
“We’ve all been through the hassle at the end of a fantastic meal with friends when it comes to splitting the bill,” he said.
You get a pile of notes, coins and cards in the middle of the table and then have to divvy up the change.
“And you know at least one of your friends is secretly annoyed because they feel they’ve paid more than they should.”
The prepaid card can be used online for free, or to withdraw money from the UK and abroad.
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