Tap to Phone, Visa’s innovative technology that transforms smartphones into payment terminals, has seen a significant increase in usage, with a 200% rise globally over the past year and a remarkable 300% increase among small business owners in the UK.
This technology enables microsellers and small to medium-sized enterprises (SMEs) to begin accepting contactless payments via their NFC-enabled smartphones, and it has been adopted by more than one in five new small businesses in the UK.
“Tap to Phone is the ultimate leveller for businesses,” says Mandy Lamb, managing director for the UK & Ireland at Visa. “This is especially true for new businesses, which can easily set up shop and start accepting payments using a mobile device they already own. With over 18.3 billion contactless payments processed in the UK in 2023 alone, it’s evident that consumers prefer tapping to pay. We’re excited to continue expanding our tap capabilities to enhance payment experiences for both consumers and businesses in the future.”
In September, Visa launched Tap to Add Card, a feature that enables users to auto-load card details into Apple wallets. The company has also introduced Tap to Confirm, which allows consumers to securely authenticate high-value transfers. Another feature, Tap to Send and Request Money, lets users tap their physical card or card credentials to a device wallet on a friend’s phone to facilitate money transfers. This Tap to Send feature will be available later this year on Samsung Galaxy devices under the name “Tap to Transfer.”