The Global Impact of PSD2 on Mobile Payments

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While events in Europe often seem remote to American businesses, one new piece of European legislation is definitely of global interest. It is known as PSD2, and regulates financial institutions that do business there. Since many such institutions operate internationally, this makes it so that the new framework affects pretty much every large financial company.

For this discussion, the relevant part of PSD2 is the aspect that mandates that financial institutions make key information available via API interface. Obeying this regulation will require the development of the necessary backend technology, and as you might imagine, financial companies will be looking to get the most ROI (return on investment) possible from the money they put into this. The easiest way for them to do that is for them to roll out the new development to all of their locations - including those outside of Europe.

This will make it much easier for retailers, service providers, and others to find banks and similar institutions that can work with their mobile wallet systems. It will also lead to many institutions offering mobile wallets of their own.

Netclearance's hardware, software, and other technology will make it easy for companies to realize the full benefit of PSD2's impact on mobile payments. For stores and service providers, the tools of the mBeacon family of hardware offerings will serve perfectly. They allow for the simple integration of mobile wallet readers with POS equipment so that customers can easily pay using the new methods. Banks and similar institutions will be interested in Netclearance's white label mobile wallet software solutions and related support. By using one of these solutions, financial institutions can avoid the cost and hassle of developing their own and still offer mobile wallets to their customers.

With Netclearance can bring PSD2 based transactions at the POS.  Contact us to learn more