Cash was the first widely-accepted payment method. Credit cards, surprisingly, got their start in the 1950s, well before computers were easily available to businesses or consumers. The payment industry was left untouched for many years, with credit cards, debit cards, cash, and checks being the typical accepted payment methods. With online shopping and telephone orders came a whole new set of security protocols for the payments industry called PCI compliance. Now consumers have the ability to use their smartphones to pay, rather than having to dig through their wallets for a credit card, or even have their wallet on them at all. The payments industry is constantly changing, and one UK – a based financial solution is at the forefront of these changes.
For PSI-Pay, a UK payment solutions provider, one of the key challenges in payments industry innovation is regulations. PSI-Pay must remain compliant, but this can be difficult when current regulations do not apply to things such as paying with a smartphone. This can bring up discrepancies in the regulations. The company has faced some difficulties in the past, but have recently hired a new managing director – Phil Davies. Phil sees that the financial regulations are continuing to get more and more strict, but he embraces it. Phil sees this as an opportunity to strive to be better and more accurate with their work.
— PSI-Pay (@PSIPayLtd) August 24, 2015
PSI-Pay and other payments industry companies are constantly innovating. More and more wearable tech devices are coming out, and it may not be long before a majority of consumers are using wearables. However, when considering using these devices for payments, keep in mind that this is a sector with a lot of regulations that are constantly changing. It is possible that a device could have payment capabilities and then all of a sudden lose them. Certain banks might not work with certain devices. All in all, consumers should look out for some bugs along the way when it comes to changes in the payments industry.