Banking giant HSBC is set to issue contactless credit cards for its business and corporate customers in the UK.

The new contactless cards will be rolled out to the bank’s 575,000 existing customers on renewal of their existing cards, and also to new customers of the bank.

The bank said that the cards will support payment for items under £30, as well as help businesses manage cashflow and track and report on smaller purchases more effectively.

The contactless technology-enabled cards will also enable businesses better manage procurement and employee expenses, and improve efficiencies in segregating corporate and personal spend.

HSBC UK head of payments and cash management Frances Howell remarked: "Contactless payments are the fastest growing means of card payments, with customers demanding greater flexibility in the way they spend their funds.

"Through the introduction of contactless functionality, we’re helping our business and corporate customers better manage their finances by making it simpler and more efficient to do business."