Atoa allows any UK consumer to pay in-store using their existing UK Bank App.
Atoa leverages the UK Government's Open Banking Network which allows customers to initiate instant bank payments to merchants without entering their bank account details. Payments are processed by the Consumer's bank and reach the Merchant in seconds, at a fraction of the cost of card payments. Consumers do not have to download any new apps and no debit or credit cards are involved in the payment. After making a payment, customers can download the Atoa Pay consumer app, whereby they can earn cash back on their Atoa payments.
Why is Atoa good?
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Businesses can reduce their cost of payments by up to 70% by accepting Atoa instead of debit or credit cards
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Atoa ensures businesses get paid faster than cards, card payments can take between to 1-3 days to send funds (Atoa pays the business in seconds). Leading to better cashflow
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Atoa allows businesses to collect payments remotely and utilises popular messenger platforms such as SMS, WhatsApp and Email
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Atoa offers regular promotions, rewards and cashback for consumers
Atoa is short for "Account-to-Account Payments", the underlying technology which enables each Atoa transaction