In a bid to streamline point-of-sale experiences for small and micro businesses, TD Bank has launched Tap to Pay on iPhone.
Through Tap to Pay, business owners can accept a variety of contactless payments directly through their mobile phones, eliminating the need for any additional POS hardware.
A recent survey from TD revealed that many small businesses—particularly micro businesses—face challenges in their day-to-day operations because of the lack of necessary payment devices or hardware. The launch of Tap To Pay on iPhone aims to address this by offering a flexible payment solution that caters to evolving customer preferences. By introducing this option, TD is giving businesses—whether they operate food trucks, pop-up stores, or local markets—the opportunity to accept a range of contactless payments, including credit and debit cards, digital wallets, and wearables.
More Contactless Options
Financial institutions have intensified their efforts in contactless payments over the past year.
In July 2023, PayPal and Venmo embarked on a similar venture by launching Tap to Pay for small businesses. Recognizing that approximately 80% of buyers utilize contactless payments for purchases, PayPal aimed to ensure that small business could embrace this trend without significant investments in contactless POS systems, thereby meeting consumers where they are.
Similarly, a few months later in August, J.P Morgan launched a Tap to Pay on iPhone solution for its U.S. merchant clients, giving them the ability to accept contactless payments. Sephora became the first merchant to leverage the service.
Overall, contactless payments offer a swift and user-friendly solution not just for small businesses but also for consumers. It’s likely that more financial institutions will continue to prioritize this space, ensuring that the businesses they serve are well-equipped to attract their target audiences.
