PSI-Pay is an e-Money Institution which is regulated by the UK Financial Conduct Authority. The private company is licensed to issue debit, prepaid payment, and virtual cards. PSI-Pay is a Principal Issuing Member of Mastercard Worldwide, and is a leading provider of payment solutions to companies and individuals all over the world.
Headquartered in Horsham, West Sussex, PSI-Pay employs highly skilled professionals who work to sell, market, distribute, and manage their payment card programs. A Partner Sponsorship model ensures that cardholder funds are safeguarded while meeting scheme and regulatory requirements.
In a recent PSI Pay article, top trends impacting the 2018 payment industry were discussed. The payment sector of the financial service industry is labeled as the most turbulent, due to changing consumer demands, digital technology evolutions, and changes in competitive forces. Therefore, the company considers it vital to understand trends in order to continue to provide the best payment services. One trend is to enhance user’s digital commerce experience with apps and wallets, which not only makes business operate more smoothly, but increases the chances of turning users into customers. This use of software is creating a complex partner system, where banks are no longer the primary facilitators of payment services and products.
However, digital wallet adoption has shown slow progress. Most consumers are content to still use cash and cards. From personal experience, I think this is due to the uncertainty and complexity involved with using new technology. Consumers question app safety and ease of use. If cash and cards are effective and easy, why switch? Other trends gaining traction are the use of chatbots, which are able to execute basic transactions with the customer’s consent, the use of blockchain technology, and the use of virtual reality payment systems.
Overall, PSI Pay is always looking for ways to adopt new strategies to provide their customers with safe, personalized payment systems. As a consumer, I appreciate this effort. However, I would like for all payment companies to keep in mind that consumers are more willing to try new technology when it’s for entertainment, but less willing to take a chance when it involves their hard-earned cash.