Tide, a leading UK business financial platform, has partnered with global fintech leader Adyen to offer small businesses the ability to accept contactless payments using only an iPhone and the Tide iOS app. This new feature, Tap to Pay on iPhone, eliminates the need for payment terminals, streamlining the payment process for small and medium-sized enterprises (SMEs).
Key Highlights:
- Contactless Payments on iPhone: Tide merchants with iPhones can now accept contactless payments from credit and debit cards, Apple Pay, and other digital wallets, using only their phones.
- No Extra Hardware Needed: Merchants no longer need to rely on costly terminals or hardware; they can process payments directly via their iPhone using NFC technology.
- Automatic Integration for New Members: New Tide members will have Tap to Pay automatically enabled once they sign up for a Tide business current account.
- Secure Transactions: Apple’s technology ensures that customer data remains private and secure, with no card numbers or transaction data stored on the device or Apple servers.
- Enhanced SME Experience: The feature is designed to make payments more accessible and efficient, helping businesses save time and money while providing a smoother checkout experience for their customers.
Research-Backed Development
Tide’s research shows that 1 in 4 SME owners and side hustlers seek better payment options, prioritizing data security, ease of use, and low transaction fees. Tap to Pay on iPhone addresses these concerns by offering high security and flexibility, especially important as contactless payments have surged post-pandemic.
Industry Insights
Adyen research revealed that 54% of consumers would leave a store if they couldn’t pay how they prefer, and 27% no longer carry wallets, opting to pay with their phones instead. This makes the Tap to Pay on iPhone feature even more crucial for businesses looking to retain customers and adapt to modern payment trends.
Leadership Perspectives
- Vinay Ramani, Chief Product Officer at Tide, hailed the development as a game-changer for SMEs, highlighting the flexibility it provides by allowing businesses to accept payments on-the-go.
- Nicole Olbe, UK Managing Director at Adyen, emphasized the strategic importance of enabling businesses to accept payments through mobile devices, underscoring the growing demand for flexible, digital-first payment solutions.
This new feature strengthens Tide’s mission to help its 650,000 members run their businesses more efficiently through their app, which already offers banking, invoicing, payroll services, and more.