sQuid on Track for 10 Million Transactions in 2011

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sQuidcard

27 Jan, 2011, 10:29 GMT

LONDON, January 27, 2011 /PRNewswire/ -- With so much noise and hype in the industry around contactless payments, including contactless bank cards and NFC on mobile phones, it is difficult to see what is real and what is pure speculation. Today, sQuid, the independent electronic payments network providing end-to-end contactless cashless payments, reveals that it will deliver 10 million real customer payment transactions in 2011.

"Our data is not based on speculation," says Adam Smith sQuid's founder and CEO. "We have been working away with our consumers and merchants to create contactless campuses and retail communities in the UK, and we are already delivering nearly half a million transactions each month, with the number growing rapidly every day. Our double digit growth means that we expect to process 10 million transactions through our network by the end of 2011, making sQuid the largest independent payments network in the UK."

sQuid electronic money is used to pay for small value items and works on smart cards, smart wrist bands, and even with biometric identifiers. The company has just launched its first online payment service for parents to pay for school trips and other items, without the need to send cash, or soon to be phased out cheques, to school.

sQuid e-money is being used in all sorts of ways: at Schools and Universities, for bus journeys, in retail stores. Vending, parking and more online services will be delivered later this year. sQuid payments on mobile phones can be expected very soon.

Parents and students have led the way as the early adopters of this easy to use, available for all technology that won't get you in to debt and doesn't need to be linked to a bank account or credit card. Adam adds "At sQuid we think local as well as global. Success has been about building touch points within the community and between customers and merchants to create an easy and low cost way to pay for the little things in life." 

    
    Contact
    Bede Feltham, Marketing Director, sQuidcard
    squidcard.com/education
    T: +44(0)20-8339-2111
    E pr@squidcard.com

    Download a copy of this press release at squidcard.com/news