While the major mobile phone manufacturers and card providers have already started to implement NFC[1] to enable consumers, the merchant side NFC-terminals have to date been costly and uncommon in everyday use for most UK smaller business owners. With the launch of the new device, payleven will remove this barrier through a competitively priced unit, aimed specifically at SMEs.

Last year, payleven became the first company to bring the CHIP & PIN card reader to Europe, allowing customers to accept card payments on the go, while setting new standards in terms of security. The technology is now considered market standard, and payleven is looking to drive the technology further, by pioneering more flexible and accessible contactless payments technology options for the smaller business.

NFC transactions in the UK are becoming increasingly common, with over 35.9 million contactless cards in circulation in the UK, used to make 8.5 million contactless transactions each month, according to the UK Cards Association. The new card reader combines mobile CHIP & PIN technology for debit and credit card payments with NFC, allowing payleven customers to accept contactless payments wherever they are. It will be offered for a much lower price than other NFC card readers currently on the market and will significantly broaden the potential for smaller businesses in the UK to accept NFC card payments. NFC is most effectively used for small transactions of up to £20, such as purchasing coffee or small grocery transactions.

"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", says Alston Zecha, Founder and COO of payleven. "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."

As with t the existing payleven CHIP & PIN card reader, the NFC version will have no fixed costs, no minimum monthly payments and no contract. In addition, payleven provides comprehensive customer service and the highest standard security measures.