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5 FinTechs offering contactless Tap to Pay solutions in the UK

By Gloria Methri

September 05, 2023

  • Cardless Transactions
  • Contactless Payments
  • Dapio

Digital Payments, Contactless Payments, Cardless Transactions, Tap To Pay, FinTech, UKThe 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 that uses 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.

As of November 2022, the total number of transactions made using contactless cards globally amounted to over $15.4 billion. The United Kingdom is seen as fertile ground for contactless payments, with 58% of in-store shoppers paying via contactless card in 2022, a 94% year-over-year increase.

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

London-based PayTech Dapio has launched a payment application for small businesses and sellers across the UK. The app, named ‘Tap to Pay’ turns Android smartphones into card readers without the need for extra hardware. Dapio helps small businesses securely accept contactless card and e-wallet payments, with just one tap on the back of any NFC-enabled Android phone.

The Tap to Pay software is also available for partners to integrate into their own Android applications as a new payment option for their business customers.

NatWest has also enabled Tap to Pay on iPhone to all eligible businesses across the UK. Apple’s contactless payment acceptance technology is now available to UK businesses via the NatWest iOS app.

Businesses can seamlessly and securely accept contactless payments using an iPhone and NatWest’s Tap to Pay app, with no additional hardware or card readers required. It accepts contactless payments, including Apple Pay, contactless credit and debit cards, and other digital wallets.

Revolut, the global financial super app, has enabled Tap to Pay on iPhone contactless payment acceptance technology for Revolut Pro and Revolut Business customers across the UK.

With Tap to Pay on iPhone and the Revolut iOS app, customers can accept in-person, contactless payments without the need for additional terminals or hardware. The feature also makes it easy for merchants to accept payments from physical debit and credit cards, Apple Pay, and other digital wallets that enable contactless transactions.

For payments to be accepted, customers simply need to hold their contactless card or payment device near the merchant’s iPhone until the transaction is complete.

Global FinTech SumUp recently announced that Tap to Pay on iPhone is available for its customers in the UK and the Netherlands. Using this feature, SumUp merchants can securely accept all forms of contactless payments, including Apple Pay, contactless credit and debit cards, and other digital wallets, using only an iPhone and the SumUp iOS app.

The availability of this feature helps merchants accept contactless payments anywhere if they have an iPhone and the SumUp iOS app.

European cloud-based neobank Viva Wallet also enabled UK merchants to accept in-person contactless payments with Tap to Pay on iPhone and its Viva Terminal iOS App. The Viva Terminal App is suitable for any business, of any size, in any sector; from the hotel pool bar service to the shop-in-shop marketplace, to freelancers and sole proprietors, allowing customers to pay onsite or on the move.

Merchants can download the Viva Terminal App on the Apple App Store to start using this payment method within minutes.

Also read: Global Payments Vendors and Landscape Report Q2 2024

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