This article is a recap of the BBC video titled, FinTech: How Tech is Changing Finance. The video shows how technology plays a major part in the business of the United Kingdom, becoming more and more popular. It is brought to you by PSI-Pay.
PSI-Pay is an electronic banking system based out of the United Kingdom. It can be used anywhere in the European Union where electronic payments are accepted. In addition to being the primary MasterCard Worldwide issuer, PSI-Pay also issues debit, prepaid card payments, and virtual transactions.
The video shows the convenience, simplicity and ease of electronic banking for small business owners and consumers. The video starts off with a florist in London who had some business issues because she could not accept card payments. Her name is Sam Jennings, and she has a flower shop in a very busy London station. This is prime territory for a small business like this to flourish! However, she was not able to accept credit card payments. Now, Sam generates her business through Square, which is a credit card reader, and the funds appear in her bank account the next business day.
The video also shows how electronic banking is giving British banks a run for their money (pun intended), and keeping money inside of consumers’ pockets. Tom Bloomfield is the owner of Monzo, a new electronic bank in the United Kingdom. He breaks down how electronic banking is so much better for consumers than traditional banking. Unlike conventional banks where overdraft and transaction fees are the norm, electronic banking eliminates those by simply rejecting a payment if there are insufficient funds in an account. And there are no transactions fees, since everything is done virtually. According to Mr. Bloomfield, there is no reason to charge a loyal customer of the bank a transaction fee, so those are a worry of the past as well.
Overall, the video showed how valuable technology is for the lifestyles of both consumers and small business owners, making daily financial transactions easier, businesses more prosperous, and people more comfortable managing their finances.