Mobile Payments

UK Small, Medium Businesses Embrace App Payments In Store

With the U.K. increasingly embracing mobile, a new study by Verifone found that 29 percent of the country's small and medium businesses now give customers the option to pay using an app in the store.

In a press release highlighting the results of the survey, which was conducted by Verve Partners Research for Verifone, the businesses are responding to demand being driven by Google Pay, Apple Pay and other mobile payment apps. What's more, Verifone found that 17 percent of micro businesses are accepting app payments to ensure an easy checkout experience for the consumer.

"Society has become familiar with the seamless use of apps and social media. Today, consumers expect to pay with the same speed and convenience as with these other aspects of their lives, but they also want other options at checkout that extend beyond a traditional transaction – the ability to donate to charity or delay the debit from their account, for example," said Nathan Gill, VP and head of solutions at Verifone. “This demand from consumers is making retailers re-think their approach to payments, and it’s encouraging to see that businesses in the U.K. are now adjusting their technology to meet this demand.”

According to Verifone, more than 81 percent of U.K. residents own a smartphone, and as a result are becoming more digitally demanding. The small and medium-sized businesses in the country are willing and eager to meet that demand, with 38 percent of small and micro businesses and 44 percent of medium-sized businesses now conducting payments with tablets and other digital devices.

The research also revealed that U.K. businesses prioritize transaction cost when looking at new payment technology, with 45 percent of small and micro businesses and 35 percent of medium-sized businesses viewing it as the main factor to consider. “The cost of payment solutions and speed of receiving funds is certainly key. It’s encouraging to see from this research that U.K. small businesses are also looking toward the future, calling for payment solutions that offer the flexibility to adapt to the changing needs of the retail environment and are able to provide customers with digital solutions that are both seamless and secure,” added Beccy Stamp, director of research and consulting at Verve.



About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.