Europe Paytech

Tesco Pay+ App Surpassed £1 Billion in Payments in 2020

Tesco has revealed that Pay+, the free mobile payment app operated by Tesco Bank, surpassed a total of £1 billion in payments shortly before Christmas 2020. The contactless payment app aims to make shopping in Tesco stores more convenient and rewarding for customers when paying with their smartphone.

Since it launched nationwide in 2017, the Pay+ app has been enhanced to allow Tesco shoppers to make payments, collect Clubcard points and track spending in any UK Tesco store or petrol station with a single scan of their phone, improving customer checkout experience when shopping at Tesco.

The mobile payments app underlines Tesco Bank’s commitment to developing products and propositions which are more closely aligned with the needs of Tesco shoppers.

Tesco Pay+ now has 1.2 million registered users and a transaction using the app takes place, on average, every 1.4 seconds. Tesco Pay+ has strong fraud controls in place to keep customers safe, and shoppers can use the app to make contactless payments up to £250.

Mark Loch, Group Payments and Money Services Director, Tesco Bank, said: “The world around us has changed rapidly, particularly over the past year, and we’re proud that Tesco Pay+ is helping our customers every time they shop with Tesco.

“With the single scan of a smartphone, Pay+ provides a simple and fast checkout experience. Shoppers can track their grocery spend and have the convenience of a £250 single transaction limit with automatic Clubcard points collection, helping them to manage their money a little better every day.”

Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. Operating since 1997 they help over 5 million customers manage their money every day.

Author

  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

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