PSI-Pay is an organization that provides payments solution to companies like debit and credit cards, virtual cards and contactless payment technologies. It issues the majority of MasterCard globally. The customers of PSI-Pay can credit or debit money in real time using the local financial institution network. They have a global presence with offices in 173 countries supporting 44 diverse currencies.
PSI-Pay is a licensed payment solution provider and recently tied up with K Wearables who came up with an innovative idea to make a contactless payment ring. The ring has been developed and released in the market. The ring has an in-built contactless payment technology, and people in the United Kingdom can make small purchases holding their hand up to the scanner used for contactless payments.
The Managing Director of PSI-Pay is Phil Davies, who started his career working as a mechanical engineer, delved into the financial sector soon after. During the time Phil Davies was appointed as the Managing Director of PSI-Pay, the company was struggling to stay afloat in the rough market conditions which aggravated with new financial regulations that came into action. It has been 20-years since that day, Phil Davis is deep into the financial world and is leading the company to new heights despite the numerous challenges it faces.
— PSI-Pay (@PSIPayLtd) February 10, 2016
His experience of two decades has helped him understand that issues that persist at Fintech Solutions. With the financial regulations getting stricter with every passing day, compliance issues are a critical setback for the company and keeps resurfacing every now and then.
In the cyberage that we live in, the financial regulation into force is in accordance with physical transactions, that is on the verge of obsolescence. Those regulations may not be in sync with cashless payment options and new technologies that supports contactless technology used to make payments easier and convenient.
According to Phil Davies, it is an exciting and revolutionary time in the payments solutions industry. Technology is no longer a barrier due to sudden major breakthroughs in science and computing. His views regarding financial regulations is an admiring thing, as he sees them as challenges and not problems to be afraid of. Challenges drove him to become the Managing Director of one of the leading payments solutions organization, PSI-Pay.