Nuapay and Thyngs partner to combat cashless charity challenge

Nuapay, a pioneer of Open Banking, announces its partnership with mobile technology platform, Thyngs, to help charities tackle the decline in donations due to reductions in consumer cash use.

The move follows a report by the British Retail Consortium in March this year, showing that, at the current rate of decline, cash use will end by 2026. Research published by the Institute of Fundraising last year highlighted that 70% of charities had seen a reduction in cash payments and that over 74% had not yet implemented contactless payments systems. In tandem, the Charities Aid Foundation (CAF) has reported a steady drop in the number of people saying they have donated to charity in the past year, with a reduction of 4% from 2018-2019.

For consumers, the Open Banking based payment solution makes it more convenient to make donations without the need for cash. Transactions can be made in as little as 20 seconds on a mobile device. All consumers need is to have their mobile banking App already installed on their mobile phone. There is no need to for consumers to share sensitive data or card details.

For charities, donations via the Thyngs and Nuapay solution have the benefit of not requiring expensive card terminals and hardware, making it fast to accept cashless donations from a large number of collection points.  It can also significantly reduce a charity’s cost of processing donations when compared to cards.