PSR Announcement Ushers in New Era for Payments Innovation

PSR Announcement Ushers in New Era for Payments Innovation

Alain Falys

CEO and co-founder at Yoyo Wallet

Views 303

PSR Announcement Ushers in New Era for Payments Innovation

29.07.2016 08:00 am

The Payments Systems Regulator (PSR) announced that the UK payments infrastructure will undergo a reform, in order to increase innovation, competition, and ultimately seek to better serve consumers.

This announcement seeks to break down the current payments status quo which has remained stagnant in this country for too long. The best case scenario is that we now see a flood of innovative competitors coming to the fray - where the needs of consumers, and not the needs of the major payment players, will drive the sector forward.

In a mobile-first world, customers are crying out for more than just a mirroring of the offline payments process In all aspects of online life, consumers have become accustomed to exchanging their data for high-quality, hyper-relevant interactions. It is time payment, a process which straddles online and offline worlds, embraces personalisation too.

It is time for the consumer to be placed front and centre. The first step toward achieving this is recognising the demand for mobile-centric e-wallet payment solutions, and the potential of their personalised offerings. These are offerings which will genuinely relate to the user and provide insight to the retailer.

Latest blogs

Martijn Bos Holland FinTech

Making it through the rain: Finance in times of turmoil

You’d need to be living on a remote island, without electricity or internet to not be aware of what the world is going through right now – a medical crisis that has spread across the world and disrupted supply chains, goods and services production, Read more »

James Devoy Sysnet Global Solutions

PCI DSS and Remote Assessments

COVID-19 is obviously changing many aspects of daily life. Some will be short term measures to see us all through these times, although I wonder how many will become more permanent fixtures in our lives. The PCI SSC has provided guidance to allow Read more »

James Booth PPRO

Brave New World: A Futuristic Vision of Payments

Over the last ten years, the retail e-commerce ecosystem has undergone a wide-ranging transformation. As recently as 2010, the e-commerce and payments value chain were relatively straightforward: Any eCommerce merchant could integrate a payment Read more »

Nish Kotecha Finboot

How blockchain could potentially transform global healthcare in the wake of COVID-19

In the globalised world we live in, entities such as the World Health Organization (WHO) have been established to ensure cooperation between different governments on global health-related issues. In the face of pandemics such as the one we are Read more »

Lina Andolf-Orup Fingerprints

Dispelling biometric myths and misconceptions

Gangsters cutting off enemies’ fingers to access secret locations and spies lifting fingerprints from martini glasses - the imagination of the entertainment world has been running wild ever since biometrics entered the scene. Couple that with the Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel