Big Issue has partnered with open banking payment provider fumopay to offer its vendors an innovative new way to take cashless payments – with the initiative already up for a prestigious award.
Vendors taking part in the fumopay pilot have been able to accept instant payments from customers by displaying a QR code, all without the need for WiFi or charging card readers.
With cash usage in the UK now representing just 12% of all transactions, many Big Issue vendors – who often face multiple barriers to financial and digital inclusion – risk missing out on sales from customers who no longer carry cash.
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The fumopay pilot forms part of Big Issue’s wider strategy to ensure vendors are not left behind in an increasingly cashless society. The social enterprise’s award-winning partnership with giffgaff has seen vendors able to take cashless payments via devices and refurbished phones for several years now. The fumopay pilot is complimenting this offering, especially for new vendors who are yet to be set up with giffgaff’s technology.
Catherine Parsons, managing director at Big Issue, said: “By providing smartphones and training through our partnership with giffgaff, we’re empowering vendors to build their digital confidence and connect with customers. Introducing innovative payment solutions like fumopay alongside this support simply adds another tool to the toolkit, giving vendors more control and security when selling the magazine.”
