PSI-Pay was founded in 2007 and offers payment solutions such as debit card, pre-paid cards, contactless programs, and virtual cards. The U.K.-based financial institution offers its services worldwide, in 173 countries and 44 currencies.
In a recent interview, the Managing Director of PSI-Pay, Phil Davies talked about his current position with the company and the trends in the payments industry. The first task that Phil Davies had was to energize, stabilize and overhaul the workforce at PSI-Pay. He streamlines certain processes in order to be more competitive, and improved the look and feel that the company had to rejuvenate the customer experience.
He notes that the workplace at PSI-Pay became more comfortable and adopted a flexible working policy, introduced motivational rewards, training opportunities, and benefits for employees. From an external point of view, the company streamlined access to its products and services. When discussing Fintech, Phil Davies mentions that the things he learned early in his career that resulted in a greater understanding of it were to plan meticulously and don’t rely on luck.
— PSI-Pay (@PSIPayLtd) August 10, 2015
Fintech (or Financial Technology) is a new type of business that tries to innovate and create new financial services for customers and businesses. The goal of Fintech companies is to make financial technology easier, faster and more convenient. They often offer apps and websites that enable people to manage their finances much easier. Mobile apps are also a popular tool employed by Fintech companies, as apps are used to make payments easier by using cell phones at a restaurant or other establishments.
Fintech companies are currently working with designers in order to create wearable payment devices. PSI-Pay worked with K Wearables in order to create a contactless payment ring. The ring allows people to make purchases in the United Kingdom and in Europe by holding it up to the card readers that allow MasterCard contactless payments.
Phil Davies, having been Managing Director at PSI-Pay for more than 20 years, became accustomed with the challenges that the Fintech sector presents. One such hurdle is presented in the form of financial regulations, as they don’t apply to new technologies such as cashless and contactless payment devices. However, he notes that technology is no longer the barrier that it used to be and the challenges are more mundane.