PSP Angels VIKTORIA SOLTESZ Founder of PSP Angels
PAYMENTS INDUSTRY The payments industry has always played a big part in our life - it is the silent component which connects merchants and their clients all around the world. Before the compliance gained such momentum, companies did not pay a lot of attention to this part of the business. It was automatic, easy, and available. But as the businesses started to move online, we realised there are “higher risk” and “lower risk” industries. As time went by, and AML and compliance got more and more familiar visitor in our lives, we realised having a payment professional in house is a must for all businesses. It is fascinating, how the public health crisis caused by Covid-19 accelerated the development of the payments industry worldwide. Both, consumer and merchants’ preferences have shifted towards an online shopping experience that is so efficient and easy to use that allows them to keep doors open and companies running. However, no society has shifted to cash-free; yet. Aside from logistical challenges, several social issues must be addressed, before society can give up on cash completely. There are notable advantages to a cashless society, but there are also concerns that a move to cashless can cause problems and privacy issues.
GAME CHANGERS Issue #32
Ongoing changes towards e-commerce and digital payments have all been significantly boosted in the past six months. It is noticeable to state that this crisis is forcing a decade’s worth of innovation into less than a year. More importantly, this occurs in areas that are typically evolving at a slower rate, such as areas focusing on customer behaviour and shopping experience, economic business models and payments operating models. This huge ecosystem is made up from a wide variety of key players, that require specialised knowledge and skills, to communicate with each other during each and every payment transaction process. Some of these players are Issuers and Acquirers, Credit Card Networks and Institutions, Payment Processors and Facilitators, Payment Gateways, Independent Sales Organisations and Value-Added Resellers. And everything in between. Thus, the payments industry came up with new faces faster than ever and introduced new payment methods and more advanced technology. Confusing right? But can YOU keep up with all these changes? Are you post-COVID ready?
