HSBC is to issue contactless credit cards to its 575,000 Business Credit and Corporate Credit customers in the UK, giving them an insight into sub-£30 purchasing spend on their accounts.
HSBC says the the cards will allow businesses to better manage their cashflow while offering greater visibility and control by allowing them to better track and report on smaller purchases.
Businesses will also use contactless payments for procurement and employee expenses, and to improve efficiencies in keeping corporate and personal spend separate, says the bank.
The new functionality will complement other contactless card facilities offered by HSBC, including Business Debit Cards, which saw a 300% increase in contactless usage in 2015.
Frances Howell, HSBC’s UK head of payments and cash management, says: “Contactless payments are the fastest growing means of card payments, with customers demanding greater flexibility in the way they spend their funds. Through the introduction of contactless functionality, we’re helping our business and corporate customers better manage their finances by making it simpler and more efficient to do business."
There are almost 300,000 bank-owned terminals available in the UK where cardholders can make a contactless transaction, which is an increase of 46% over the last year.