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Surge in contactless payments leads HSBC UK business cashback offer

HSBC UK is offering business customers 1% cashback on contactless transactions on debit, credit and charge cards for the first time as increasing numbers of companies use their cards for smaller, on-the-go purchases.

The offer is available now for new and existing business card customers and will run until 31 July.

HSBC UK has seen a strong increase in business customers using their credit and debit cards for contactless payments and smaller purchases. Contactless transactions by HSBC UK business customers increased by 17% during March compared to the same month last year and the value of those transactions was also up by 18%.

In total more than a quarter (26%) of HSBC UK business card transactions are contactless, compared to 19% of all UK business cards.

Tom Wood, Head of Global Liquidity and Cash Management for HSBC UK, said: “This is the first time we’ve given a cashback offer to our business card users and it comes at a time when we are seeing contactless transactions by business customers increase rapidly.

“Businesses of all sizes can take advantage of the offer to claim cashback as they go about their daily business by making smaller, quick purchases whilst on the go.

“There are many advantages to using a business card over cash; not least it’s more secure and makes it much easier to track what has been spent.”

Cashback will automatically be applied to customers’ accounts (by the end of August 2019), with a limit of £10 per card, per calendar month.

There are more than 400,000 merchants in the UK where contactless cards can be used and in January there were 642 million contactless card transactions which accounted for nearly a third of all card transactions in the UK.1

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