The UK arm of Santander has launched a virtual 'cash kitty' app that lets up to 100 people create and manage collective pots of money.
Developed with Kalixa Payments and Monitise, the iOS and Android KiTTi app is available to anyone aged 18 or over with a debit card in the UK.
Once a user downloads the app and registers as a KiTTi "owner" they are sent a prepaid contactless MasterCard and can begin inviting friends to join via the app, which shoots off text messages.
Members enter their debit card details and begin paying into the KiTTi, which can be given a name, target value and payment milestones. A 35p charge is applied each time money is put into the pot.
Sam Nixon, head of KiTTi, Santander, says: "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."