The Payments Systems Regulator (PSR) has today announced that the UK payments infrastructure will undergo a reform, in order to increase innovation, competition, and ultimately seek to better serve consumers.
Alain Falys, CEO and co-founder of Yoyo Wallet, Europe’s fastest growing mobile wallet company, says that they welcome today’s announcement and that the changes this announcement will bring, herald the shake-up that UK payments need.
“This announcement seeks to break down the current payments status quo which has remained stagnant in this country for too long. The best case scenario is that we now see a flood of innovative competitors coming to the fray – where the needs of consumers, and not the needs of the major payment players, will drive the sector forward.
In a mobile-first world, customers are crying out for more than just a mirroring of the offline payments process In all aspects of online life, consumers have become accustomed to exchanging their data for high-quality, hyper-relevant interactions. It is time payment, a process which straddles online and offline worlds, embraces personalisation too.
It is time for the consumer to be placed front and centre. The first step toward achieving this is recognising the demand for mobile-centric e-wallet payment solutions, and the potential of their personalised offerings. These are offerings which will genuinely relate to the user and provide insight to the retailer.”