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Visa’s Tap to Phone technology, which transforms smartphones into contactless payment terminals, has recorded a significant 200% increase in global usage over the past year. Small business owners in the UK have shown even greater enthusiasm, with adoption surging by 300%.
The innovative solution enables micro-sellers and small and medium enterprises (SMEs) to accept payments using their NFC-enabled smartphones, eliminating the need for additional hardware. Notably, more than one in five newly established small businesses in the UK has integrated Tap to Phone as part of their payment ecosystem.
“Tap to Phone is the ultimate enabler for businesses,” said Mandy Lamb, Managing Director for Visa UK & Ireland. “This is particularly valuable for new businesses, allowing them to start accepting digital payments instantly using just a smartphone. With over 18.3 billion contactless payments made in the UK in 2023 alone, it’s evident that consumers prefer the convenience of tapping. We are excited to expand our tap capabilities to enhance payment experiences for businesses and consumers alike.”
In a bid to further streamline digital transactions, Visa introduced Tap to Add Card in September, enabling automatic card detail uploads to Apple Wallets. Additionally, it has developed Tap to Confirm, which enhances security for high-value transfers, and Tap to Send and Request Money, a feature allowing users to tap their physical card or digital credentials against a friend’s device to facilitate money transfers.
Later this year, Samsung Galaxy devices will support Tap to Send under the name Tap to Transfer, further advancing the ease of peer-to-peer digital transactions.
With digital payments evolving rapidly, solutions like Tap to Phone and Visa’s expanding suite of contactless innovations are set to drive greater financial inclusion and seamless transaction experiences worldwide.
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