Small businesses across the UK will now be able to accept payments on-the-go without the need for terminals or additional hardware, thanks to a new partnership between Tide and Adyen. Tide, the UK’s leading business financial platform, has teamed up with global payments giant Adyen to introduce a service that allows small business owners to accept contactless payments using just an iPhone.
The new feature, Tap to Pay on iPhone, is now available to all Tide members with an iPhone through the company’s iOS app. This means that businesses will be able to receive payments from customers using contactless credit and debit cards, Apple Pay, and other digital wallets without needing a payment terminal or additional hardware. The technology behind the service uses Near Field Communication (NFC) and is designed to provide a seamless and secure checkout experience for customers.
Vinay Ramani, Chief Product Officer at Tide, called the development a “game changer” for small businesses, enabling them to save time and money while improving payment options. “Our new and existing members will be able to use their iPhones to accept contactless payments, leaving behind the need for expensive hardware,” Ramani said. “We’re on a mission to save SMEs time and money. Offering the flexibility to take payments on-the-go as soon as they join Tide can make a real difference to their bottom line.”
The new Tap to Pay feature comes as research from Tide reveals that one in four small business owners and side hustlers want to offer a greater range of payment options to their customers. The research also highlighted that high data security, ease of use, and low transaction fees are top priorities for these businesses.
Ramani pointed out that the rise in contactless payments since the pandemic, coupled with inflationary pressures, has increased the demand for flexible payment solutions such as Tap to Pay on iPhone. He added that the partnership with Adyen allows Tide to offer its 650,000 members more flexibility in how they manage payments.
Nicole Olbe, UK Managing Director at Adyen, explained that consumer behaviour is also driving this shift. According to research conducted by Adyen, over half of consumers said they would leave a shop if they couldn’t pay in their preferred way, while 27% reported that they no longer carry a wallet and instead choose to pay with their phone.
“This marks an exciting next step in our partnership with Tide, as we now provide a complete suite of in-person payment solutions,” said Olbe. “What’s unique is that there’s currently no other provider in the UK offering platform products that combine invoicing and accounting with in-person payments.”
Tap to Pay on iPhone uses Apple’s built-in security features to protect both business and customer data. When a payment is processed, neither Apple nor Tide stores card numbers or transaction information on the device or on their servers.
This launch further strengthens Tide’s position as a comprehensive financial platform for small businesses, offering banking, payment, payroll, and expense management services all within one app.