Providing products and services that are straightforward and helping customers do business in an easy and reliable way is a priority at HSBC. That is why we are introducing contactless payments to our Business Credit and Corporate Cards to almost 600,000 customers. Contactless payments are the fastest growing card transactions in Europe, with the UK leading the way. As of October 2015, there were around 76 million contactless cards in the UK and in the last year alone we have seen contactless acceptance increase 46% to around 300,000 contactless enabled point-of-sale terminals in the UK.
The growing acceptance levels, combined with customer demand, have resulted in contactless accounting for 10 per cent of all card transactions in 2015. The demand is being driven by the simple, secure and fast nature of the purchase experience.
Contactless payments combine convenience with security; several key controls are in place to protect our customers, including the ability to apply transaction limits; limit the number of consecutive transactions before a PIN is requested and of course there is protection offered against fraudulent transactions.
HSBC’s Business Debit Cards have seen contactless usage triple throughout 2015. This has been largely helped by the launch of contactless payments across the Transport for London (TfL) network and has been further boosted by the increase of payment limit from £20 to £30. As we move forward, we expect to see similar growth with our contactless Business Credit and Corporate Cards.
Our new contactless cards will continue to help businesses better manage their cash-flow while offering greater visibility and control over payments by allowing them to better track and report on low-value purchases.
The experience for the cardholder is also improved by offering a quick and easy way for their everyday business transactions. They can now buy a coffee on the go, pick up a sandwich, and travel to and from a client meeting without the need for PIN or signature, and reconcile all transactions on a smartphone. Contactless cards ultimately help to speed up day-to-day business, allowing our customers to concentrate on their primary business.
Businesses are asking for a secure, controlled and auditable way of paying for their day to day business expense. At the same time they want to make it easy for their employees to adhere to travel and expense policies. At HSBC, we put our customers and their needs first; and this is why we have decided to go contactless.