It’s the early dawn of contactless payments in the UK, but the reality of a cashless society moves ever closer with the long anticipated arrival of Apple Pay. The new payment system, launched today in the UK, allows consumers to make payments with their iPhone 6 or Apple Watch instead of their debit or credit cards.
Contactless payments create a spectrum of payment options for retailers and consumers, leading to increased and faster spending amongst consumers and a stronger, healthier cashflow for retailers. Make it easy for people to pay when they’re out and about, and you’ll get more custom.
Almost all UK banks have signed up to use the Apple Pay system – some available today and others set to launch in the coming months. And so far more than 250,000 retailers in the UK have signed up to accept payment, including Transport for London, Boots, Starbucks, M&S, Lidl and McDonalds.
Take payments with Apple Pay and iZettle
The Apple Pay launch marks a real opportunity for our UK small business customers. Xero add-on and mPOS platform iZettle now allows Apple Pay via its mobile card readers, meaning retailers can simplify and mobilise the way they transact with consumers. This landmark event for the UK retail industry is set to streamline the payment process, while optimising cash flow.
Contactless payments are quick and simple offering greater choice for customers and greater profits for traders. According to the UK Cards Association, spending on contactless cards more than trebled in 2014 with £2.32 billion spent this way.
So why should UK small businesses embrace new contactless payments?
- Speed and convenience: Increase customer satisfaction with faster transactions
- Sell goods quicker: Increase sales with quicker payments and shorter queues
- Better branding: Boost your image as progressive and high-tech and increase customer loyalty by offering customers new ways to pay.
This post is courtesy of xero.com and their writer Ashleigh Lambert. Read her post here.