Member Exclusive, Payments

Payments Briefing: Can tap to mobile technology democratize payments?

  • This week, we explore how tap to mobile payments could help SMBs compete with larger businesses.
  • We also look at how PayPal’s failed customer acquisition strategy led to the birth of 4.5 million fraudulent accounts on its platform.
close

Email a Friend

Payments Briefing: Can tap to mobile technology democratize payments?

Contactless payments have been growing throughout the pandemic. The use of contactless payments has increased by 150% in the US since March 2019, and the UK recorded £66.5 billion in contactless transactions in the first six months of 2021 alone.

Amidst this shift, it’s becoming more challenging for small businesses and micro-merchants to remain competitive and retain market share against established players and tech giants like Amazon. Many SMBs are cash-only and are unable to afford feature-rich payment terminals that accept contactless payments. Processing payments on the go, in settings such as outdoor events, street vending and deliveries, can also be a challenge.

Tap to mobile technology (also known as ‘tap to phone’ and ‘tap to pay’) – which turns smartphones into payment acceptance devices – could simplify payment processing for SMBs, since it’s easy to set up and requires no additional hardware.

In order to use tap to mobile, SMB owners can simply download an app on a smartphone and create a merchant account. Once connected to the payment processor, the phone automatically receives its provisioning credentials. This allows small business owners and micro-merchants to accept payments from contactless-enabled cards or devices like phones, tablets and wearables within minutes.


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “Payments Briefing: Can tap to mobile technology democratize payments?”

Payments, Podcasts

What’s Happening in Payments Ep. 7: Adyen’s Brian Dammeir on how to keep up with the shifting payments landscape

  • Brian Dammeir, president of North America at Adyen, joins host Ismail Umar on this week’s podcast.
  • He talks about his experiences at Adyen, the shift in consumer expectations across generations, and the role Adyen wants to play in the future of payments.
Ismail Umar | May 20, 2022
Finance Everywhere, Payments

Google launches digital wallet: 5 questions with Payments GM Arnold Goldberg

  • Google launched its digital wallet and virtual cards at its latest I/O developer conference, marking its first move in the payments space since the Plex project was scraped late last year.
  • Tearsheet spoke with Google's head of payments, Arnold Goldberg, about what this means for the Big Tech's journey in financial services.
Iulia Ciutina | May 13, 2022
Member Exclusive, Payments

Payments Briefing: ‘We penetrated the blue ocean opportunity of the Spanish-speaking market’ – NovoPayment’s Anabel Perez

  • This week, we take a look at Miami-based BaaS provider, NovoPayment.
  • We also discuss Bumped, a firm that rewards customers with equity in the brands they shop from.
Ismail Umar | May 12, 2022
Payments, Podcasts

What’s Happening in Payments Ep. 6: Quontic’s payment ring, Visa’s move into NFTs, and the new Square Stand POS system

  • This week, we discuss why Quontic Bank decided to launch a contactless payment ring.
  • We also talk about Visa's recent crypto and NFT-related activities, as well as Block's upgraded Square Stand POS system.
Ismail Umar | May 05, 2022
Payments

Rewarding shoppers with brand ownership: Bumped expands with a new browser extension

  • Bumped runs a service that rewards customers with fractional ownership of partner brands that they shop from.
  • The firm’s new browser extension notifies online shoppers every time their purchase is eligible for a stock reward.
Subboh Jaffery | April 27, 2022
More Articles