To further assist small businesses across the UK in optimising how they conduct in-person contactless payments, Tide teamed up with Adyen to offer its Tap-To-Pay on iPhone to all new and existing Tide merchants using the mobile device. Through this, members are set to be able to accept contactless payments from customers, mitigating the need for investing in payment terminals or other additional infrastructure. In the upcoming period, Tide plans to provide its new members with Tap-to-Pay on iPhone automatically enabled in their Tide app.
Moreover, the current announcement supports Tide’s commitment to minimising both the time and capital spend by small and medium-sized enterprises (SMEs), allowing the company’s members to run their businesses more efficiently in the Tide app. In addition, Tap-to-Pay on iPhone intends to improve the platform’s existing banking, finance, and admin solutions, including invoice generation, payment and payroll services, and expense cards.
By leveraging Tap-to-Pay on iPhone, merchants, regardless of size, can accept all forms of contactless payments, including contactless credit and debit cards, Apple Pay, and other digital wallets, utilising their device and the Tide iOS app. This works towards delivering a more secure and optimised checkout experience for customers, while the merchant benefits from increased efficiency and convenience.
The decision to partner with Adyen follows Tide’s research that revealed that 1 in 4 SME owners, employees, and side hustlers want to provide more payment options to their customers. Also, the company’s study mentions that the main priorities for small businesses are high data security, decreased transaction fees, and operability. When commenting on the announcement, representatives from Tide mentioned that working together with Adyen is set to deliver advanced capabilities to their company’s members looking to conduct payments through their own devices.
Tide’s collaboration with Adyen follows the latter’s work with Klarna from September 2024, when the two companies announced the upcoming availability of the former’s payment methods on Adyen’s in-store terminals across Europe, North America, and Australia. The move came after a long-standing collaboration between Klarna and Adyen and, subsequently to a pilot phase, the new offering was set to have a wider rollout in October 2024. In addition, Adyen was set to introduce Klarna’s Dynamic QR solution, allowing customers to conduct payments by scanning a QR code displayed on the Adyen terminal and completing the transaction on their mobile device.
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