When Martin Cooper made the world’s first mobile phone call 50 years ago, it began a revolution that would transform how humans interact with technology. Today, a smartphone is the go-to device for any number of activities, way beyond calls – from livestreaming your morning routine to paying for the goods and services we buy. It’s been a key driver of the shift towards digital payments – which accelerated during the Covid-19 pandemic, and has continued since – with almost one in three people in the UK now registered with at least one mobile wallet, such as Apple Pay.
According to Kostas Xiradakis, vice-president of product and growth at Viva.com, a European cloud-based technology bank, people in the UK are more open to trying new payment methods compared with the rest of Europe, and more businesses are offering digital payment options than ever before. “The UK market is very advanced, and customers have an awareness of various checkout options because they’ve experienced them,” he says, referring to technology such as self-checkout and, in checkout-free stores, radio frequency identification tags. “Payment is becoming democratised. Digital payment technology is becoming much easier to implement, without the need for a large upfront cost.”
Viva.com is part of this evolution, supporting businesses, no matter what their size, to accept payments on any device in a way that works for them. In July, iPhones were added to the list of devices supported by the company’s Terminal app, giving merchants the option to take contactless payments using nothing more than an iPhone – there’s no need for a card reader or any other hardware. In effect, the iPhone becomes a card terminal that accepts payments from customers who tap to pay. Given that about half the UK smartphone market is served by Apple, this technology represents a huge leap forward for thousands of small business owners.
“This is liberating SMEs,” says Yannis Larios, senior vice-president of strategy and business development at Viva.com. “It’s made the whole process of taking payments easier. Users are amazed at how easy it is and how efficient. You register online and you don’t have to wait for a terminal to arrive – or pay more for additional devices.”
Viva.com grew out of a software development company launched in Greece in 2000 whose founders had a vision of unifying the way payments were taken across Europe, while still serving the local needs of merchants. Having first entered the telecommunications and travel markets, it then started offering payment services to small and medium businesses, and now serves any business in 24 countries across the continent.
Tap to Pay on iPhone, a recent payment solution from Apple, and Viva.com’s Terminal app use the technology to help businesses scale up or down as required. When things get busy, a shop or restaurant can download the Tap to Pay app to more iPhones, at no cost. “If it’s sales season, you might need more card readers to deal with the footfall of that period, so you can add the app to as many iPhones as needed,” says Xiradakis. “This is a low-cost solution that minimises any upfront outlay.”
The Viva.com team has facilitated real-time settlement as standard, so SMEs will receive money within the hour after each card transaction, including at weekends.
Small business owners can also gain cashback on business expenses through the Viva.com business debit card, which is offered free as part of a bundle with the Terminal iOS app. Often, the accrued cashback cancels out transaction fees, the company says.
Larios believes these tech advances are just the start for digital payments; he can picture a scenario where someone could, say, simply tap a changing room mirror to purchase an item after trying it on.
“We’re excited to see a new era for payments, with the UK at the forefront of innovation,” he says. “SMEs have traditionally had too many vendors around this. We think they should be focusing on simplicity, efficiency and security. What we offer is a one-stop shop for all payment needs. And because we’re built in the cloud, we don’t have any downtime. SMEs shouldn’t be worried about payments. Their focus should be entirely on servicing their customers. That’s what they do well. We can take care of the rest.”
Find out how Tap to Pay on iPhone with the Viva.com Terminal app could elevate the way you run your business
