In the financial services industry, no area has proven to be as turbulent as the sector involving payments. Numerous factors effect this including demands of the consumer, evolving technology, and changes in competition. Also, the preferred payment isn’t just the traditional cash and anymore, the younger demographic is steadily moving toward the mobile payment technology. It is essential that companies looking to provide payment services to their customers understands these trends.
- Digital Experience
The idea behind going digital, something PSI-Pay believes is crucial, is to make business more simple and run more smoothly for the end consumer. This means that consumers need a digital exerience that will turn them from just a user to a customer.
- POS Softwares and Apps
Before digitization, all payments processed used to happen exclusively through banks. Now there are POS softwares and apps that can facilitate these transactions.
- Artificial Intelligence
Things like chatbots are now being used as a form of artificial intelligence on some websites. This trend is gaining a lot of traction due to how simple it’s made to complete a transaction with the buyer’s consent. PSI-Pay will hopefully implement this strategy.
- Blockchain Technology
With cryptocurrencies like Bitcoin in major play today, the use of blockchain technology will grow rapidly in the coming years. It is something to focus on, more and more companies are accepting it as payment.
- Virtual Reality
Due to the popularity in the gaming industry, virtual reality is set to explode. There will be no field, including the financial sector, that VR wont play a huge part in in the future.
As technology is on the rise, so is authorized e-money institution PSI-Pay. The UK Financial Conduct Authority has regulated this company to issue e-money across the region of SEPA. The payment provider has also been granted permission to issue debit, prepaid payments cards and other cards and programs after becoming a Principal Issuing Member of MasterCard Worldwide.
There are highly skilled experts staffed at PSI-Pay. They strive to keep the funds of cardholders safeguarded, and make sure all requirements of them are met.