PSD2 and Impact On Mobile Payments: Bringing Account Payment Systems to Customers

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With PSD2 now ready to change how banks offer payments to customers, have you realized how this could change your financial organization for the better? It's time to think about the welfare of your customers if you haven't given them much payment convenience.

Known as the second Payment Services Directive, PSD2 might sound inconvenient in changing technology. Yet, it brings opportunity for you to bring account payment systems to customers for more consistency and quality.

Bringing More Choice to Payment Systems

Since PSD2 open things up to start using third-party financial service providers, it gives more choice for your customers in the payment systems they prefer. Consider how limiting it is for them in having to stick with one type of payment method.

The problem with limiting options is it means customers being forced to use the same features, sometimes in inhibiting ways. Your old payment technology might not allow easy mobile payments either, which is a big mistake in the mobile culture we're living in.

Faster Service

Consider that adding choices brings in other technologies allowing for faster service in your payment systems. Tools like mBeacons add a convenient way to bring an "anywhere and anytime" banking process. Basically, you can create an API-driven architecture for customers to make purchases from any location.

When you have customers from other countries or in remote areas, PSD2 rules let you bring in mBeacon technology to make transactions quicker. In turn, you'll be able to maintain more loyal customers when they realize they can use a reliably fast payment service.

Using More Invisible Technology

We're truly living in a more wireless world, and this includes being able to do transactions with far less effort. The world hasn't evolved to doing transactions in our heads yet, though we may get there someday.

What we do have is being able to make purchases on our mobile devices with just one click. Offering this kind of convenience to your customers is why account payment systems may soon become mainstream.

Best of all, PSD2 compliance now allows more transparency for international payments. Hidden fees used to hinder this, though now a customer can know what it really costs before doing transactions overseas.

Our mBeaconPay technology at Netclearance allows new payment acceptance methods while providing the transparency and faster service your customers expect.

Contact us to find out more about how this works and how much benefit it brings in lower costs.