UK Fintech Tide and Adyen to Streamline Small Businesses Payments with Tap to Pay on iPhone

Tide, the UK’s business financial platform, has partnered with Adyen (ADYEN:AMS), the global financial technology platform for businesses, in order to enable small businesses to accept in-person contactless payments using only an iPhone and the Tide iOS app.

Tide is making Tap to Pay on iPhone available to all Tide merchants with an iPhone.

Using only their iPhone, members may accept contactless payments from customers – “removing the need for terminals.”

New members joining Tide will soon have Tap to Pay on iPhone automatically enabled in their Tide app, which means they can immediately start accepting payments on their iPhone when they “sign up for a Tide business current account.”

Tap to Pay on iPhone allows merchants of all sizes to accept all forms of contactless payments, including contactless credit and debit cards, Apple Pay, and other digital wallets, using only an iPhone and the Tide iOS app — “no additional hardware or payment terminal needed.”

The ability to accept contactless payments anywhere and on-the-go will help new and existing Tide members to provide their customers with a “much smoother and secure checkout experience.”

With Tap to Pay on iPhone at checkout, the merchant will simply prompt the customer to hold their contactless payment “near the merchant’s iPhone, and the payment will be securely completed using NFC technology.”

Tap to Pay on iPhone also reportedly supports PIN entry, which includes various accessibility options.

Apple’s Tap to Pay on iPhone tech uses the built-in features of iPhone to keep the business and customer data “private and secure.”

When a payment is processed, Apple reportedly doesn’t store card numbers or transaction information on the device or on Apple servers.

Tap to Pay on iPhone in the Tide app comes as research by Tide shows that 1 in 4 SME owners, employees and side hustlers want to “offer greater payment options to their customers, with high data security, ease of use and low transaction fees cited as the top priorities.”

Today’s launch strengthens Tide’s mission to save SMEs time and money, enabling its 650,000 members to run their businesses almost entirely from the Tide app. Tap to Pay on iPhone enhances the platform’s existing banking, finance and admin solutions, which include invoice generation, payment and payroll services and expense cards.

Nicole Olbe, UK MD at Adyen, pointed out that according to Adyen research, 54% of consumers said that if they can’t pay for a product or service how they want then they will leave the shop, while 27% never carry a wallet on them anymore – they choose to pay with their phone.

Nicole added that this marks an exciting next step in their partnership with Tide, as the financial platform now works with them on “the full in-person payments suite, while there’s also currently no other provider in the UK that has access to platform products such as invoicing and accounting.”

Founded in 2015 and launched in 2017, Tide is the business financial platform in the UK.

Tide helps SMEs save time (and money) in the “running” of their businesses by not only offering business accounts and related banking services, but also a comprehensive set of “highly usable and connected administrative solutions from invoicing to accounting.”

Tide has 650,000 SME members in the United Kingdom (c. 11% market share) and 350,000 SMEs in India.

Tide has reportedly been funded by the following: Anthemis, Apax Partners, Augmentum Fintech, Creandum, Salica Investments, Jigsaw, Latitude, LocalGlobe, SBI Group and Speedinvest.

It employs around 2,000 Tideans worldwide. Tide’s long-term goal is to be the business financial platform serving clients globally.



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