4 FinTechs offering contactless Tap to Pay solutions in the UK

By Gloria Methri

The latest major shift in preferred payment methods is contactless tap-to-pay, which has become a popular mode for consumers and offers significant benefits to merchants. Tap-to-pay is a wireless way for customers to pay at a point-of-sale (POS) terminal or card reader using short-range wireless near-field communication (NFC).

Using Tap to Pay enables businesses to process more transactions in less time as opposed to traditional payment methods, increasing turnover and allowing customers to speed up their purchases.

Here are four companies offering the popular Tap to Pay transaction method in the UK.

• Adyen

Adyen is a financial technology platform that offers businesses payment processing services. It offers contactless payments through mobile wallets, contactless credit cards, mobile point of sale (mPOS) terminals, in-app purchases, and curbside pickup. Adyen supports more than 150 payment methods through a single integration and handles the rest of the payment chain.

• JCB International

JCB is a global payments brand and a credit card issuer and acquirer, issuing cards across various countries and regions internationally with more than 154 million card members. The company launched its JCB Contactless payment system that enables customers to shop by simply tapping their JCB card or JCB-enabled smartphone into the reader at the checkout. JCB has also developed QUICPay, a contactless payment product for the Japanese market that enables faster, more convenient, signature-free payment.

• Phos

Phos is a pure software POS solution that enables merchants to accept payments from contactless cards or mobile phones directly on any NFC Android device without the need for additional hardware. Thanks to additional powerful functionalities such as receipt issuing, product catalogues, loyalty, or other business applications, Phos turns the Android device into a smart business hub, all seamlessly integrating with the software POS.

• Sway Money

Sway is an all-in-one solution for micro and small businesses. With just a phone app, businesses can seamlessly take bank and card payments and bookings, establish an online presence, and deepen customer engagement and understanding. With its app, small businesses can accept instant bank transfers with 0% transaction fees (only in the UK and NL) and simple Tap to Pay card payments at a low cost of 1.5% per transaction, helping them save hundreds per year in fees.