The service is available to anyone over 18 years old with a UK debit card.
Santander UK has launched a money management app for groups named KiTTi, which will allow 100 friends to create collective pots of money and pay through the KiTTi prepaid contactless MasterCard.
The virtual ‘cash kitty’ allows users to create collective pots of money, monitor and manage transactions.
Customers of any UK bank can download the app available on iOS and Android, register as an owner to set up a KiTTi and send a KiTTi prepaid contactless MasterCard.
The owner can invite friends to join the KiTTi through the app or text message, and the payments are made by entering debit card details. A process which only needs to be carried out once.
Santander UK claimed that the app’s payment process is completely secure, and users can manage Multiple KiTTis through one app and one KiTTi card.
The KiTTi prepaid card, can be used to pay for anything the group wants in the UK and overseas.
KiTTi at Santander head Sam Nixon said: "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 is easy to set up, invite friends to join, pay money in and take money out. Perfect for the WhatsApp generation."
Santander developed the new age payment solution in partnership with payment technology services provider Kalixa Payments Group, and mobile tech Monitise.