The future of payments is in contactless payments and the transition away from physical cash has been boosted by the ongoing COVID-19 health crisis. The Royal Bank of Scotland (RBS) is reporting its contactless payment service Tyl is generating solid uptake in Scotland during the Coronavirus pandemic.
According to RBS, 69% of businesses registering for Tyl are adopting card payments for the first time. RBS contrasts this number to 53% for the rest of the UK.
RBS says these numbers “suggest a quickening in the rate of businesses now accepting card payments.”
According to the bank, prior to April 1st, just 26% of Tyl customers in Scotland were new to card payments, compared with this most recent data post lockdown. This also aligns with the rise in a 190% increase in searches on Google for the term “contactless payments.”
In Scotland, the government’s route map will see the hospitality sector, museums, libraries, and hairdressers open from July 15th. Hairdressing salons, bars, and restaurants, along with dentists and mechanics are sectors the team at Tyl are seeing contacting them and coming on board in numbers as the businesses anticipate the rise in people looking to pay for services through contactless methods.
RBS has waived terminal fees for Tyl until the end of 2020 thus encouraging rapid adoption.
Mike Elliff, CEO, Tyl said the ability to accept contactless payments is proving to be a vital tool for the economy to reopen following the lockdown:
“Meeting customer and staff safety concerns and government guidelines coupled with the rise in e-commerce has presented themselves as key challenges for business during the pandemic and the current trends look here to stay. The introduction of Tyl to customers across the UK is a key part of our commitment to supporting business during this time. We hope that through next day settlement, 24 hour onboarding and smart data-led insights, Tyl can provide businesses with the tools they need to help them manage and grow their business and be on the front foot as we look towards the future.”
