The dynamic payments industry continues to expand and evolve, with digital payment vehicles and transaction volumes growing across the globe.
The future of payments has arrived: PFS/EML is now one of the largest prepaid FinTech enablers in the world – Over the past year, industry incumbents have been responding to numerous trends and drivers by:
- Modernizing their organizations and infrastructure to support new service offerings and identifying new revenue streams.
- Investing in cloud computing and other digital technologies to more rapidly address evolving customer preferences and mitigate risk and regulatory obligations.
- Engaging in targeted M&A to fill in adjacencies and add capabilities and talent to address challenging areas such as cross-border payments, an improved end-to-end payment experience, multipayment integration, and business-to-business (B2B) payments.
- Collaborating with financial technology (fintech) players and other market entrants as strategies and playbooks for partnering continue to evolve.
2020 will likely be about the formulation of “big bets.” This could take the shape of either going all in on a targeted set of preferred partners and platforms or going broader in an attempt to service the ecosystem.
Wave of Innovation – The future of payments has arrived
The payments landscape is experiencing a wave of innovation, driven by technological advancement and consumer desire for on-demand banking and payment solutions. As a result, non-traditional market players are challenging the long-held role of incumbents. Conspicuous among these are new, non-bank competitors; some of which are already well established in the market. Given that the payments market has been traditionally served by banks, these new, innovative non-bank payments providers are causing disruption and driving rapid changes to the payments landscape.
The several awards won by Prepaid Financial Services demonstrate the permanent commitment to innovation of this company.
Payments leaders must make decisions today to win in the future
Technology giants, FinTechs, merchants, and social media giants have all created their own digital payment offerings. Though it is unlikely that any one of these companies will entirely replace banks in the short term, they have undoubtedly put pressure on incumbents to innovate and transform their business models to meet consumer expectations of speed, flexibility, and convenience.
Driven by changes in digital technology, consumer demand, and competitive forces, the way people make payments is evolving faster than any area of financial services. Understanding the trends in payments is important for payment service providers to offer products and services that meet the complete financial needs of consumers.
On April 1, Prepaid Financial Services finalised its acquisition by EML and has become part of a listed entity, EML Payments. PFS/EML is one of the largest prepaid FinTech enablers in the world. This deal was approved by the financial regulators in the UK and Ireland.
The importance of a true omnichannel payments infrastructure – The future of payments has arrived
From card issuers and acquirers, processors and networks, payments service providers are working to embrace new technologies while keeping pace with rising customer demands. The result is a dramatic change in the number of payment options and in how payments products and services are being built, deployed and utilized.
The importance of a true omnichannel payments infrastructure has been increasing along with customer digital usage and the demand for seamless, consistent interaction, and improved security across payment channels.
As customers become increasingly frustrated by payment solutions that require enrollment, entry of payment data, or additional effort of any kind, the end-to-end commerce experience will become more important than any individual product or service solution alone. Customers will want all information seamlessly and instantly available when they complete a transaction further blurring the lines between shopping, purchase and paying.
Technology advances will enable payment service providers to deliver a true omni-channel portfolio of integrated, digitally enabled products and services where networks and terminals, online payments, merchant acquirers, and dynamic currency conversion (DCC) work seamlessly together.
PFS/EML is already assisting local and central governments as well as non-governmental organisations to facilitate the distribution of payments in the midst of the COVID-19 pandemic.
Lee Britton, CCO at PFS commented:
“This is a time for international governments, NGOs, businesses and communities to pool their resources to problem-solve during this unprecedented time in history. The PFS team is at the ready to help Governments and organisations as they strive to combat this serious health crisis and we have extensive experience in humanitarian relief globally. Alongside the other group companies within EML Payments, we have capabilities to provide relief services in North America and Australia and elsewhere.”
The Buck Stops Here
PFS/EML – the FinTechs’ FinTech, but unlike most FinTechs, profitable, with blistering growth – even now in the thick of Coronavirus. How many US, Australian, UK and Irish FinTechs can say the same thing?Payments issuer, processor and programme manager, PFS/EML is truly the home of one stop shop.
- PFS has been Granted a New E-Money License by the Central Bank of Ireland
The future of payments has arrived: PFS/EML is now one of the largest prepaid FinTech enablers in the world