Speaking with Myles Stephenson, CEO of payments scale-up Modulr and Mark Hoban, Chair of Pay.UK, we gained insight into the current landscape, and the future outlook of the payments segment
The payments space has seen tremendous change and innovation in the last couple of years. For consumers, Apple Pay, contactless, online banking, and Pay Pal, are just a few of the convenient and popular ways to pay. For businesses and FinTechs, the UK has been a thriving and open market, where competition is enabled through supportive regulation.
The pandemic has been a key innovation driver, where we saw FinTechs responding to demand in the market for digital payment solutions. We wanted to understand where the payments segment stood now, in terms of trends and innovations, from both FinTech and industry viewpoints. Speaking with Myles Stephenson, CEO of payments scale-up Modulr and Mark Hoban, Chair of Pay.UK, we gained insight into the current landscape, and the future outlook of the payments segment.
CxO Disruptors host, Sandeep Saujani gleaned the following key take aways:
0’55 – How Modulr improves efficiency, simplifies management, reduces friction and monetisation of payments.
1’33 – The important role Pay.UK plays in the UK’s financial system.
2’15 – Sparked by the pandemic, we’ve seen a shift in the economy to digital payments predominantly, with cash and cheque payments falling.
3’12 – Rates of fraud have increased in volume and value, with billions being stolen from businesses and consumers annually, which still represent a major challenge for the industry.
4’00 – The UK has been leading edge in terms of enabling a thriving market, with the opening up of payments systems, regulatory change and competition, with the support of regulators, government, payment network operators
5’15 – Pay.UK is focused on responding to a changing ecosystem, to help shape its services, and to enable continued innovation and growth of the industry and the UK economy.
5’30 – The landscape was previously dominated by a handful of large banks, it’s now fragmented, with diverse business models, providing opportunity for collaboration.
6’25 – The New Payments Architecture is a significant transformation programme, which will focus on improving capacity of the system to process more transactions.
Catch part 2 of the conversation next week, on Financial Director.