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Information Technology
In a move set to revolutionize the way tips are given and received in the hospitality sector, a Hull-based fintech company, thankyü, has launched a groundbreaking peer-to-peer (P2P) tipping app. This innovative platform allows customers to tip service staff directly with a simple tap of their phone against a wearable tipping band, ensuring that employees receive their tips faster and more transparently than ever before.
The thankyü app is part of a broader effort to support the hospitality and service industry during challenging times, marked by rising costs such as increased National Insurance contributions for employers and reduced business rates relief. This decentralized platform, powered by Viva.com and Mastercard Move, aims to streamline the tipping process, making it more efficient and transparent for both staff and employers.
Key Features of the thankyü App:
The thankyü app operates on two main principles: efficiency and transparency. Customers can tip using a wearable TipTap band or an in-app QR code. Once a tip is given:
The app's launch coincides with significant legislative changes in the UK, notably the Employment (Allocation of Tips) Act 2023, which mandates employers to distribute tips fairly and transparently to employees. This act aims to ensure that workers receive a fair share of gratuities, with the government estimating an additional £200 million returning to staff due to the legislation.
Before this act, tips were often collected centrally and distributed slowly, sometimes with little transparency. The thankyü app addresses these issues by allowing staff to receive tips directly and manage them instantly.
The thankyü app benefits both staff and employers in several ways:
The thankyü app has been trialed successfully at Hull's Nibble café and the Polar Bear Music Club, where it has been well-received by both staff and customers. Staff at these venues have praised the app for its ease of use and the speed at which they can receive tips.
As the thankyü app gains traction, it is poised to become a leading solution in the cashless tipping market. With its innovative use of wearable technology and focus on peer-to-peer transactions, it addresses the needs of both customers and service staff in an increasingly cashless society.
Surveys show that over 80% of customers prefer to tip using cards or digital wallets, ensuring that the actual server receives the tip. This trend towards digital payments aligns perfectly with the thankyü app's vision to provide a seamless and fair tipping experience.
The thankyü app represents a significant step forward in the fintech sector, particularly in addressing the challenges faced by the hospitality industry. By empowering service staff to manage their tips efficiently and transparently, thankyü is not only enhancing earnings but also improving job satisfaction and morale. As the app continues to gain momentum, it is likely to play a pivotal role in shaping the future of tipping in the UK and beyond.
