Ita Ita is a financial services application for buyers and sellers, announced by Banco Ita, which will be available for Android and iPhone (iOS). With the premise of transforming its customer relationship with money in the digital world, the platform aims to be the cheapest alternative for receiving and transferring values.
It innovates in features such as payment via QR Code and the absence of transfer fees. The advantages of using the app have been announced to both buyers and sellers, as it will be possible to use the app to make payments at merchants without the use of a physical card and, in the case of retailers, to receive the money at the same time.
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What iti Ita? Learn how the new payments app works Photo: Divulgao / Ita
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Another novelty is that the application will not only be aimed at Ita customers: it will be possible to use the service even without a bank account or bank card. Users will also be able to credit amounts to bank accounts of any institution, in addition to registering cards from other banks in the app. Here's a list of the TechTudo with the main questions about how iti works. The service is expected to be available at official stores such as Google Play Store and App Store in the third quarter of this year.
1. What and how does it work?
Iti is a financial services application that acts as a digital wallet and facilitates payments between users. To access the platform, you do not have to be an Ita customer. Even people without bank accounts or bank-linked cards will be able to enjoy services that are not linked to the branches. Therefore, to use it, simply download the program on an Android or iPhone (iOS) and make a registration with personal data. After creating your digital account the user will be able to add money by transfer or bank transfer, generated at no cost by the application itself. It will also be possible to register a credit card from any financial institution and use it as a payment method.
iti Ita's new application, born with the premise of facilitating purchases and sales Photo: Reproduo / Ita
To make free payments or transfers, the user can use the camera of your mobile device to read the QR Code, which instantly deducts the value of your account, transferring it to a contact or merchant who also has an Italian account. This way, you do not need to use the physical card in commercial establishments. Later, the shopkeeper can also choose to keep the money within the application or transfer it to another bank. There is also the option of making a transfer in the traditional way by entering the agency numbers and who will receive the money.
2. What are the key features?
Among the key features announced by Ita for iti is free use for buyers and sellers. The advantage for this latter category is that there is no monthly charge for the use of the service only a 1% transfer fee over the amount received. In addition, shopkeepers, freelancers and entrepreneurs get a guarantee that they will receive their sales instantly and can eliminate the cost of advance. In-app transfers will also be free to any other bank account until the end of the year from iti to iti, the service will always be free.
Making payments via QR Code also innovates by dispensing the physical card for payments at merchants. If the site uses the iti system, it can make available to the customer its QR Code in print to receive the amount due. The customer, in turn, should open his own application and use his mobile phone to read the code. The purchase debit will be made to the customer's account instantly, and he can choose the money available in the app or the credit card registered as a means of payment. The same procedure can be performed to transfer money to a friend or family member.
The user can use iti to make payments or receive them via QR Code Photo: Divulgao / Ita
The little machines of the Network also provide the QR code to pay bills in merchants that use iti. This form of payment can also be integrated with retail automation systems, such as cashier supermarkets or pharmacies, for example. According to Ita, over 42,000 points of sale are already enabled with the system that includes the iti QR Code in the options of payment, debit, credit and voucher.
Another cool feature that makes it possible to charge late payments for the app. He must fill in the payment amount and request it for some contact from his calendar. The platform will send a notification to the debtor, who can pay the amount at the same time through the iti.
The iti app allows its users to cover payments from contacts registered in the calendar. Photo: Divulgao / Ita
Although its development targets a simple, digital platform for financial services, products such as credit cards, loans, investments and insurance have been announced for the future of the platform, which features Ita's digital security.
Iti is not yet available to the public and is expected to reach download stores in the third quarter of 2019 throughout Brazil. The app is in beta phase, aiming to collect opinions that will serve to build the final version. We need to listen to the customer and understand their needs to ensure a simple and intuitive user experience. This beta phase will do just that, "explained Livia Chaves, director of iti. Android users who want access to the program can register on the official website (iti.itau).
4. What are the main competitors of the service?
Transfers can be made free of charge through iti until the end of the year Photo: Divulgao / Ita
In direct competition, there are services such as Cielo, which last year provided a payment service on card machines via QR Code. Another example is PicPay, which offers the user the ability to make payments with the credit card limit and the money added to the account by bank transfer. Iti's differential for these two services lies in the absence of monthly fees and lower transfer rates for legal entities, as well as requiring no other transaction equipment other than the smartphone.
5. What is the difference for other digital payment services?
Most digital payment services require the user to register a credit card and depend on the use of little machines. This is how features such as Google Pay and Apple Pay work, for example, which also have as their main objective the ease of paying online purchases.
In this regard, iti differs from the use of physical cards and card machines, as it offers the option of payment via QR Code in merchants and transfers to contacts. In addition, iti can store a sum of money from the user to make transfers to any bank accounts and make payments, as an alternative to the credit card that can also be registered with Ita's new service.
The transfer of money from another bank to the iti account can be made free of charge. Photo: Divulgao / Ita
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