TABBx launches TABBit

Based on security and simplicity, TABBit allows users to send payment requests without requiring the recipients to share sensitive data or to download the same app, as payments are completed directly through the customers’ own banking apps. The solution was developed to work with several UK banks, while offering an intuitive and user-friendly interface for sharing costs, including rent, utilities, dinners, and trips. To request a payment, users need to input the amount they demand and specify the purpose. Afterwards, the app generates a link for the user to distribute via WhatsApp, Messenger, Instagram, SMS, email, or any other platform. When the link is accessed, the individual is directed to their banking app to complete the payment. TABBit automatically and securely fills in all of the details, so that the user only needs to confirm the transaction. Also, the app sends a notification when the payment is completed, therefore eliminating the need for the individual to look for the confirmation.

Furthermore, the app leverages Open Banking APIs offered by the user’s bank to ensure a simple and safe connection, while not requiring bank passwords or security codes. Some of the banks that TABBit works with include HSBC, NatWest, Halifax, Danske Bank, Bank of Ireland UK, and Monzo, among others. As of the announcement, TABBit is free to download on both Android and iOS devices, while also having a premium version that holds a subscription fee of GBP 2.49. Compared to the five payment requests available for the free version, the premium one has ten, with a total request value per TABBit of GBP 750. The app’s website also mentions that the link expiry time of a request is different for the two situations, with a maximum of seven days for the free app and 14 days for the paid one.

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