Adyen, the Dutch payments company that offers online payment processing and offline point-of-sale systems to merchants, officially launched its long-awaited Tap to Pay on iPhone feature this week as the company looks to remain at the forefront of the contactless revolution. The new service, which is only available in the US for the time being, allows businesses to use iPhones to accept contactless payments, removing the need for extra terminals or payment hardware.
Adyen says the benefits of Tap to Pay on iPhone will be to simplify “in-person payments by removing the dependence on payment hardware” and will crucially allow businesses to get up and running quickly with rapid installation meaning they can “scale up their payment operation” at speed. Moreover, the company promises the safety of the innovation will be secured by using the same technology that Apple Pay employs and that it will mean “fast checkout experiences that increase mobility on location”.
The technology has been launched alongside partnered US merchant networks NewStore and New Black whose combined collection of large American retailers can expect the service in their stores imminently. Likewise, retailers and platforms such as Nike, Lightspeed Commerce and Fresha who have been offered the service directly are expected to become early adopters.
Brian McAllister, Director of Global Operations at Burton, said “The biggest advantage of this feature is it eliminates our dependence on traditional payment terminals, which means we can now offer an even more seamless and secure way to accept payments.” Similarly, Kamran Zaki, COO at Adyen, added “This new capability will change how consumers and businesses view mobile payments… enabling businesses to give customers more choice and flexibility.”
Despite the early adoption of the technology by larger retailers, it is expected that it may be small to medium-sized businesses who benefit most from the innovation in the long term as the need for often expensive payment hardware will become increasingly obsolete. Accordingly, Adyen will be hoping that with its Tap to Pay service it has finally democratised digital and contactless payments.
Furthermore, the service is expected to be popular amongst retailers who use the eCommerce platform Magento which is compatible with Adyen technology. Tap to Pay will further bridge the gap between Online-to-Offline (O2O) commerce as it creates a more seamless payment experience for customers and an easier, more holistic payment processing platform for retailers too.
Tap to Pay technology, though in its relative infancy, looks set to become a mainstay of commerce for years to come. To discover how Adyen and Magento can enhance online and offline payments for your business please get in touch with us today.