HSBC UK and Stripe Bring Smartphone Contactless Acceptance to Small Business Banking App
HSBC UK and Stripe Bring Smartphone Contactless Acceptance to Small Business Banking App #
HSBC UK has teamed up with payments technology company Stripe to bring contactless payment acceptance to eligible small business customers through the HSBC Business Banking app, the two companies announced.
The integration lets sole traders and small businesses accept contactless card and device payments directly on compatible smartphones, without needing a separate card reader. Business owners can set up and manage the feature entirely within the HSBC Business Banking app, which is available on Apple’s App Store and Google Play and supports account management, transfers, and card controls on up to three registered devices.
HSBC UK cited research conducted by Censuswide among 594 small business owners with annual turnover below £2 million. The survey found that one in three respondents (33%) had lost a sale because they could not accommodate a customer’s preferred payment method.
Gavin Rees, Head of Innovation Banking at HSBC UK, described the feature as giving sole traders and businesses “an additional, simple way to take payments using their phone.” Marc Fryer, Stripe’s Head of Revenue and Growth UK & Ireland, said payment administration routinely slows small businesses down and that the partnership was aimed at removing that friction.
The service operates through Stripe Terminal and is built on Stripe’s iOS and Android software development kits. Businesses can view and manage both online and in-person transactions in a single environment and do not need dedicated card reader hardware.
Stripe said more than half of early adopters of its broader Tap to Pay product across existing deployments had not previously used any Stripe card reader.
For HSBC UK, the partnership adds merchant payment acceptance for existing customers. For Stripe, the bank app is a new distribution channel into the small business segment. The launch follows Stripe’s separate tie-up with Lloyds Banking Group, which earlier introduced Lloyds Accept, a Stripe-powered payments suite for small business banking customers.
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