“The for-hire transportation industry has been through disruption with the advent of the e-hailing apps and changing consumer preferences. One of the objectives about what we want to do is to allow the traditional taxi to compete more fairly.”
And all these eyes on the industry mean payment facilitators themselves, and companies thinking about switching to the model, are hungry for more information about how to run their business to take full advantage of all the opportunity in the space.
As part of First Data’s e-commerce suite of products, Global PFAC offers a single integration interface that allows merchants to settle and fund transactions in more than 40 countries and 17 currencies.
The Conference of State Bank Supervisors recently announced its plans to move toward a consistent framework for regulating non-bank entities, including financial technology companies – a plan it called its Vision 2020 initiative.
Prepaid, money transmission, data and cyber security, these are perennial worries, one panelist said, but one particular trend in state regulation has her very nervous.
PayPal has further expanded its relationship with Google, announcing that Android Pay users can now make payments at online merchants using their fingerprints as authentication.
According to panelists at Payment Facilitator Day during the ETA’s TRANSACT 17 conference, the payment facilitator industry is still in the very early days, but there’s substantial interest both by software companies looking to follow the PF model and investors looking to funnel money into the model.
It’s not something payment facilitators hear very much, but developers are a core part of the business, and payment facilitators need to make the building of payment solutions streamlined for this group.
And this is especially important as payments and all the features around payments become more complex. With increasing consumer payment options, such as NFC, EMV and bitcoin, and multichannel strategies for acceptance, developers have a challenge to build solutions that keep up with buyers’ quickly changing demands of payments whenever, wherever.