Intuit’s payments group launched Intuit Pay, a mobile payments pilot geared at small businesses in the United Kingdom (UK). The service offers users an inexpensive way to accept card payments anywhere with a free mobile app and low-cost chip and PIN reader.
A survey of 1,000 small businesses in the UK found that 19 percent of micro-businesses (firms with fewer than 10 employees) currently accept card payments. Almost half (47 percent) said they would accept cards if there was a more affordable way of doing so using their smartphone or tablet. There are an estimated 4.6 million micro-businesses in the UK.
In the United States (US), Intuit’s desktop, Web, and mobile payments offerings annually process more than $36 billion in payments. The mobile payment market continues to represent a significant growth opportunity, as evidenced by the continued growth of Intuit’s North American mobile payment offering, GoPayment, in the US and Canada.
This launch is part of a larger global push by Intuit, which is outlined in the company’s evolved connected services strategy. For context, Intuit GoPayment lets small businesses accept credit cards in the US and Canada on a mobile device with a free app and card reader. The service integrates with Intuit’s ecosystem of small business solutions, including QuickBooks accounting.
While mobile payments offerings are available in North America, general availability for the UK is planned for early 2013. Beyond that, Intuit is evaluating additional markets that align with its objective of improving the financial lives of small businesses.
Well,the mobile payment scene is getting more exciting in the UK. Intuit sounds likable but I’m still rooting for mPowa (www.mpowa.com). And if I remember correctly, the Intuit reader looks rather bulky.