Barclaycard intros virtual Apple Pay cards for business use
Tap to Pay for retailers large and small
Apple Pay news and Barclaycard Payments has introduced Apple Pay support to its Precisionpay Go virtual Visa card. Why does this matter? The card is popular among business users and enables employees to equip staff with virtual Visa cards for use via Apple Pay to handle business-related expenses.
What this means for business
The Precisionpay Go app works on an iPhone. Employees can also request a virtual card from within the app (if their business supports it). Once approved, that virtual card can be added to Apple Pay.
What’s useful about this is that the cards can be deployed on a single use and ad-hoc basis, including to an employee who has already travelled but may suddenly need the support of access to company credit. Of course, other alternatives are available, including the impressively broad Revolut service.
Marc Pettican, president, Barclaycard Payments, says:
“While e-commerce payments soared during lockdowns, our data shows that face-to-face payments using digital wallets and contactless payments are edging their way to the top, so businesses need to ensure they are providing a solution that caters to online and on-the-go payment options.”
Mobile payment adoption is soaring
Recent research (also from Barclaycard Payments), claims over three quarters (80%) of UK corporates and 76% of SMEs now accept payments through digital wallets. In the US, Visa last year told us tap-to-pay transactions had increased 30% yoy. Internationally, contactless payment services adoption spiked as a side effect of Covid-19. These moves are driving rapid shifts in consumer behavior. McKinsey claims Cash payments declined by 16 percent globally in 2020 while use of cash free payment services, including digital wallets, increased.
The annual 2021 Debit Issuer Study from Pulse told us Apple Pay accounted for 92% of all U.S. mobile wallet transactions last year. The report also informs us that approximately 2 billion mobile wallet transactions took place in 2020, which essentially means around 1.8 billion Apple Pay payments took place.
Apple continues Apple Pay expansion
Meanwhile, some speculation remains to suggest Apple may broaden its range of available Apple Pay services this year, possibly with a buy now pay later credit scheme. The company is also preparing to introduce its all new Tap to Pay service, which merchants can use to accept Apple Pay and other contactless payments using iPhones and a partner-enabled iOS app.
On the latter service, Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet said:
“As more and more consumers are tapping to pay with digital wallets and credit cards, Tap to Pay on iPhone will provide businesses with a secure, private, and easy way to accept contactless payments and unlock new checkout experiences using the power, security, and convenience of iPhone.”
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