Visa Tap to Phone Adoption: Global growth of 200% in one year

Visa a 200% increase in the adoption of its Tap to Phone (TTP) app, which allows smartphones to be turned into payment terminals. This makes it easier for small businesses to access digital commerce by offering them a solution to accept contactless payments.

FACTS

• Visa observed a 200% increase in the use of its Tap to Phone app in one year, with 234% growth in countries with the highest adoption rates, such as the United Kingdom, the United States and Brazil.
• About 30% of the users of this technology are small businesses. Tap to Phone allows micro-enterprises to accept contactless payments directly via NFC-enabled smartphones, thus facilitating access to digital payment tools.
• A coffee owner and event organizer in the UK estimates that the adoption of Tap to Phone could contribute to a 20% growth of his business this year, optimising customer experience through reduced queues and simplified payment management.

ISSUES

• Democratisation of contactless payments: Tap to Phone facilitates access to modern payments for small and micro businesses, allowing them to offer payment solutions without contact with a minimum investment.
• Business optimization for SMEs: Technology reduces transaction delays and improves customer experience, which contributes to the growth of small businesses by simplifying payments.
• Technological equality for traders: Tap to Phone offers fair access to advanced payment technologies, whether they are major brands or local traders.

PERSPECTIVE

• The security of contactless payments like Tap to Phone is crucial, hence the partnership Visa-Worldline which enhances the detection of fraud via AI and data, ensuring secure transactions.
• Acquisition of Featurspace by Visa completes its security solutions, which is essential to protect mobile payments like Tap to Phone and prevent fraud.

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