A mobile contactless pay-as-you-go card reader is coming to the UK in 2014 thanks to payment processor Payleven.
25% of payment cards in the UK are now contactless, the number of contactless payments more than trebled during 2013, approval rating for contacless payments is 93%. With stats like those its not hard to see how contactless payments will soon be ubiquitous on the UK highstreet.
Payleven led the way with mobile chip and PIN machines now they are taking the lead again with mobile contactless card readers. The contactless card reader will work in the same way as their mobile chip and PIN machines but will take contactless payments as well as chip and PIN. This will allow customers to pay using their contactless card or contactless enabled smartphone.
In order to accept contactless payments the card readers will be equipped with a technology called Near Field Communication (NFC). A payment is made by simply holding the contactless card or smartphone near to the card reader when it’s time to pay. The current UK limit for this type of payment is £20 hence its ideal for businesses taking many small payments.
If you are unfamiliar with mobile chip and PIN machines they are lightweight card readers which process payments via an app on your smartphone or tablet. Payleven’s contactless card reader will work in a similar way.
Konstantin Wolff, founder and CMO of payleven: “NFC definitely has the potential to become the market standard for contactless payments. However, until now the hurdle for SMEs has been the huge cost associated with it. By launching our new device we will be offering a disruptive solution that will help our customers to keep up with cutting edge technology, making their business even more efficient with NFC.”
Payleven’s chip and PIN machine is currently available for £39.99 on their website using code: PAYUKTRIAL when ypu go through this link. The contactless card reader will retail at around £100. When I have details of a release date I will be sure to post it here.