They say there is safety in numbers, meaning that uniting multiple parties is often more efficient than each of them taking action on one’s own. This principle proves to be right for a variety of niches, including the payment industry.
On May 10, 2022, the European Commission published three consultations that will help shape the regulatory future of payment services and PSPs across the EU and EEA. This marks the beginning of the shift from the Revised Payment Services Directive, PSD2, to its updated version that will tackle the current needs and challenges of the payment industry better.
Apple embedded QR code scanners in the iOS 11 Beta’s native camera app in 2017, and the majority of other brands followed suit shortly after that. This innovative feature was said to be “QR codes’ second chance”, giving this technology hope to avoid repeating CurrentC mobile payment app’s downfall.
Nowadays, merchants and financial institutions alike face the need to address bigger audiences, process larger payment volumes, and scale efficiently. Thus, software that tackles FinTech-related challenges is in high demand.
eCommerce sales boomed in the past few years, with the online share of total spending globally increasing from 10.3% in 2019 to 14.9% at the peak of the pandemic in 2020. Such rapid growth of online sales has transformed the landscape for retailers and raised the need to implement optimized payment solutions.
Organizations providing financial services exist in an ever-evolving and highly competitive environment. Aside from that, they also face a wide array of challenges created by factors like the changing consumer demand, national and global regulations, tech innovation, and beyond.
There’s a whole lot of terminology to keep in mind when it comes to payment processing. While for the consumers, a credit card transaction typically takes no longer than a few seconds, the algorithm behind it is quite complex.
Online purchases are considered to be way more efficient than the transactions conducted offline due to increased security, lower risk of human errors, and faster processing times. Besides, the clients returning to shop at the same eCommerce store are likely to have an even smoother shopping process. This is due to the fact that their information is already stored on the merchant’s website.