SumUp expands into the B2C payments space with launch of new e-wallet app in the UK
SumUp (www.sumup.co.uk), the financial partner for over 4 million small businesses worldwide, has today announced the launch of SumUp Pay, the first digital wallet that makes shopping locally easier and more rewarding.
As the first ever direct-to-consumer offering launched by SumUp, the SumUp Pay app offers a secure payment mechanism for consumers across Europe, and is equipped with several features designed to enhance the user experience and make everyday purchases as seamless and convenient as possible. These include:
- A SumUp Pay virtual Mastercard – which can be topped up using a saved card or via bank transfer – allowing users to make remote or in-person purchases enabled by Google Pay and Apple Pay, transfers and withdrawals.
- An integrated loyalty scheme focused on supporting local businesses – not only allowing users to collect rewards on every pound spent on their SumUp Pay virtual card, but earning more points for paying at SumUp merchants. Points can then be redeemed at any local business collecting payments with SumUp.
- One-click secure remote payment for SumUp merchants.
- Payment via a SumUp QR Code by easily scanning the code with the app.
- Consumers can easily send and request money from friends.
The SumUp Pay app is now available for free in the UK, Germany and Italy via Apple’s App Store and Google Play Store. New customers are also entitled to receive a £10 points bonus upon successfully completing the sign-up process, to be spent at any SumUp merchant. Consumers will have a comprehensive overview of their transaction history which can all be tracked in one place.
While the SumUp Pay app offers an attractive proposition for consumers that want to save money on everyday purchases, it is also welcomed by the small business community who in turn can make use of the rewards programme as an innovative marketing solution, at no extra cost to their business.
This kind of ecosystem between consumers and merchants creates a win-win situation for all parties involved. The consumer saves money and is rewarded for everyday spending, while the loyalty scheme incentivises them to shop locally, thus helping small businesses to boost sales and build longer customer relationships.
Pedro Branco, Head of Consumer Business at SumUp, comments: “Today is a proud day for everyone at SumUp as we expand our product offering into the B2C space for the very first time. Our all-in-one loyalty e-wallet app not only offers a convenient payment mechanism for consumers to pay bills, purchase goods, or transfer money to their friends, but also rewards them for each penny they spend. With SumUp Pay, we hope to create a mutually beneficial ecosystem between local businesses and consumers, by incentivising millions of people to shop locally and providing our merchants with yet another tool to support and help them grow their business.”
This latest announcement marks SumUp’s expansion into the B2C payments space, and follows the company’s recent growth and ongoing extension of its product line. Over the past few years, SumUp has expanded from its proprietary card terminals to a multi-product ecosystem, which includes e-commerce tools, invoicing technology and point-of-sale solutions, and with the acquisitions of Goodtill, Tiller, and Fivestars, the company is rapidly expanding its footprint within the restaurant and retail sectors. In June 2022 SumUp announced new funding totalling £510 million, that gave the company an enterprise value of almost £7 billion.
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