How PSD2 is Improving Access to Mobile Payment Technology

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Mobile payment technology is already making inroads into major stores in the United States, and this is bringing benefits to customers, merchants, and banks. It is expected to boom even more over the next several years, so it's a good idea for both stores and financial institutions to get in on it now. This will position them as leaders in their fields and allow them to gain a strong foothold before their competition is all in on the change.

What is Driving this Growth?

Surprisingly, the driving factor behind mobile payments isn't the simple advance of technology. It's the release of the new PSD2 guidelines in Europe. These guidelines govern how banks and other financial institutions that do business in Europe must behave. The relevant section mandates that these companies must open up access to their services via API systems. Such systems allow merchants, other banks, and similar companies to set up their own payment systems instead of using credit card clearinghouses. They also make it easier for new financial technology companies to offer both hardware and software to support mobile payment processing.

How Can My Company Benefit?

Getting in on the change is as easy as setting up a mobile payment system or terminal. Here at Netclearance, we can provide you with everything you need to run your own white label private mobile payment processing system. If you'd rather hook into one run by a local bank, our mBeaconPay hardware will make it simple to integrate this option with your existing payment terminal. Either way, you'll gain access to more customers and they'll love the convenience.