When Managing Director Phil Davies of PSI Pay began with the company, his first self-appointed task was to overhaul, energize and create stability in the workforce. While remaining compliant with regulatory standards, Davies streamlined many processes with PSI Pay in order to become more competitive within the industry. His leadership for the introduction of newly developed and relevant product lines also helped the company experience a sustained level of growth.
At the core of the benefits of Fintech, is its advanced technology that allows financial transactions to be handled quicker, easier and much more conveniently than traditional transactions. There are several Fintech companies that offer convenient apps as well as user-friendly websites in order to enable consumers to manage their financial transactions.
In order for those technology improvements to continually move forward, PSI Pay has needed to accept the intentions of regulatory requirements for increased security. For Davis, this has been a welcomed challenge. As Managing Director, Davis makes sure there is a constructive approach to implement any changes and keep disruptions at a minimum. “We are not afraid of engaging [with regulators]. We accept our role in whatever we’re expected to do,” says Davis.
— PSI-Pay (@PSIPayLtd) August 10, 2015
Consumers should understand that the trends are enormous and will become even more popular as they improve. There was a time when carrying cash, or a debit or credit card was normal. However, with Fintech, companies are beginning to help banks develop a way for consumers to complete their transactions cash-less. With Radio Frequency Identification (RFID), consumers are able to scan their payment using a wristband or smartwatch. RFID also enables peer to peer payments for consumers to reimburse each other such as during a business meeting over lunch. This trend began in 2017 and has completely changed the payment landscape.
The Apple Watch and Fitbit Ionic Watch have made it convenient for consumers to complete their payment process without the need of carrying a wallet. The process works autonomously and acts just like a credit or debit card. PSI-Pay stepped up to the opportunity by working alongside K Wearables and created a contactless payment ring. PSI Pay and K Wearables developed the payment ring for consumers to be able to make small purchases where Mastercard is accepted, which has been used throughout the United Kingdom and Europe.