Toonie Payments App Powers Up on Community Spirit Quest

The company says it will support any activity that prioritises the well-being of the individual and the economy of his or her community.

Kent-based fintech startup Toonie has unveiled its app to provide micro payments and business promotions among local communities and merchants. 

The firm explains: “Toonie envisions a future where people will not have the need to carry cash or credit cards in their wallets, by putting these elements in the app and thus making transactions faster, easier and more comfortable for the clients.”

Toonie is targeting the B2B and B2C sectors. It is very keen to cut out the banks from the action – and has a sense of community spirit on its mind.

For example, the company says it will support any activity that prioritises the well-being of the individual and the economy of his or her community. This could include schools, associations, charities and parishes.

If an applicant believes they qualify, they can register. Toonie will assess their case and then decide whether its services are free.

In terms of merchants, Toonie offers a business solution. This entails a POS with no monthly fee and no commissions. The fintech startup explains that this is not linked to banking channels and users can receive payments with Toonie as the payment method.

This includes a location-based vouchering platform, which allows businesses to create offers to “boost sales, reach new local customers and keep bringing them back”. There is also a built-in chat function for community interaction. Toonie makes money from businesses via a premium plan and vouchers.

For individuals, Toonie is looking to provide discounts for shops and clubs; and the option to exchange, pay and receive money within the Toonie community. This service is free.

Toonie is a brand operated by London-headquartered Quid Ecosystem Group and its subsidiaries. Quid UK Global is a registered EMD Agent by the Financial Conduct Authority.​

According to Toonie’s LinkedIn page, it also has an office in Lugano, Switzerland.

By the way, the word ‘toonie’ is an informal phrase used in Canada to describe a coin worth two Canadian dollars.

Last month, and in another fintech scoop, eWeek UK discovered another payments firm, called Vendreo.

The Lancashire-based tech startup is the creation of Russell King, based in Poulton-le-Fylde. He was previously director at London-headquartered payment provider iTelebill.

Vendreo offers direct account payments and cardless payments. The firm says it uses open banking to initiate payments from a customer direct to the merchant’s bank account.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.
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