Eligible HSBC U.K. small business customers can accept supported contactless payments on a compatible smartphone, with no need for another card reader, per the release. Businesses can get started using their HSBC Business Banking app.
“Tap to Pay gives sole traders and businesses an additional, simple way to take payments using their phone, helping serve customers wherever business happens,” Gavin Maclean, HSBC’s UK head of global payment solutions, said in the release.
Marc Fryer, head of revenue and growth for Stripe’s UK and Ireland operations, said in the release that while small businesses play a crucial role in the U.K. economy, they are slowed by payment administration.
“We can take that hassle away and give them better ways to get paid so they can focus on growing,” Fryer said in the release.
The new offering comes as consumers continue to hold firm to familiar payment habits even as mobile wallets gain users, according to the October PYMNTS Intelligence report “Apple Pay @12: Mobile Wallets Gain Ground, but Most Shoppers Still Tap a Card.”
“More consumers are paying by phone,” PYMNTS reported Oct. 20. “Some already favor a wallet over a tap-to-pay card. Others have yet to make the switch, even with compatible phones and stores ready to accept their payments. Understanding those differences can help businesses identify where to focus their efforts.”
The share of in-store shoppers who paid for their most recent purchase with a wallet was 8.2%, up from 4.3% in 2023.
“Wallets can become a favorite once shoppers use both options,” the report said. “Among shoppers who used both a mobile wallet and a tap-to-pay card in the same week, about half used the wallet more often.”
Among wallet users, 54% keep just one payment saved in the wallet they used most often, PYMNTS reported Oct. 30. Another 5% have more than one method saved but always use the default, the first option presented. Around 40% switch between saved methods.
“For an issuer, that means a customer’s decision to add a card has consequences beyond a single purchase,” the report said. “Without another saved option, there is no competing card to select inside that wallet.”
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