The new year has started and the PSP sector is in full swing to further shape the payment service landscape. At PayRetailers there has been happening a lot behind the scenes later last year and the changes will set us up to fuel our growth in the coming years. Especially in the payment technology sector we expect some big leaps in the future. Let’s have a brief look at what has been happening.
Levelling the field for new partnerships
We are working towards offering new services for new customers from different service fields, and with the coming inflow of diverse clients we need to focus on the underlying payment service technology. Our approach of one-API-fits-all is one of our key advantages, and we strive to make the implementation as versatile and adaptable as possible. With the new clients from all walks of business we need to develop new technologies and products as well.
New position: Chief Strategy Officer
For the coming growth it is necessary to strengthen the workforce which includes changing and enhancing the teams to react to the dynamic nature of a growing company. Besides hiring new experts in the PSP field, the former Head of Product, Rodrigo Puig-Mir, has been promoted to become the companies’ Chief Strategy Officer (CSO). This is an important step to cement the strategy of PayRetailers with an expert that knows the ins and outs of the business and the company. The position has just been created as an answer to the immense growth. Puig-Mir works alongside the CEO and his tasks comprise developing and executing the corporate strategic goals. This role is vital for the success of a company as the CSO needs to be a creative thinker and influential collaborator. This position requires outstanding experience in a multitude of business areas and the sector.
Puig-Mir describes his new task: “PayRetailers has been focusing on growth since its inception. Our strong company culture and the good business model helped us to thrive in the past years. Now it has become important to introduce a new role, Chief Strategic Officer, to help the CEO tackle the growing number of tasks related to the company vision and strategy. The company chose me because of my experience and understanding of our business. I feel very humbled and will do my best to shape the strategy of PayRetailers to fuel our growth in Latin America.”
Focus on the trends 2021
PayRetailers can now better focus on the trends in the payment sector and develop products and services. It is very important for the company to further shape the strategies in the countries where it is active since each country has its specific needs and is a whole new market in itself.
PayRetailers is on the way to tackle the upcoming trends and changes. According to the Capgemini report “Top Trends in Payments” from November 2020, there are nine major trends that are followed by companies in the Fintech sector. Here is a brief look at each of them:
- PayRetailers will work closely with the regulators as their trend is risk reduction in addition to standardization and open-banking.
- The second trend is the gaining momentum of digital identities. Standards emerge to ensure interoperability and PSPs need to monitor this area as there might be future touchpoints in smartphone-driven areas like LATAM
- Instant payments and open-banking reinforce each other and drive the need for back-office rationalization. PayRetailers is already industry-leading when it comes to automatization of processes, but needs to monitor the developments.
- As merchants adopt alternative payment methods, so is PayRetailers driven to expand offerings.
- Banks collaborate with Fintechs to help corporate clients improve efficiency of B2B payments. PayRetailers continues to form and develop bank partnerships to be able to offer brick-and-mortar-service for the people.
- Payment firms enhance capabilities and build ecosystems through mergers for an open-banking future. PayRetailers is in the process of mapping the sector.
- Bigtechs pose a threat to incumbents as they search for collaborative roles in the evolving landscape. PayRetailers is open to collaboration as the LATAM markets are still in their early phases of technological development.
- Mobile and QR payments, digital wallets and contactless cards will drive growth of non-cash payments. This is a major focus of PayRetailers as these means of payment grow rapidly in LATAM.
- Compliance-as-a-Service gains ground as firms seek cost-effective data compliance across multiple regions. PayRetailers works together with many regulators and compliance firms to offer a seamless client and consumer experience.
Feel free to contact us if you want to expand your business to Latin America. We are your Payment Service Provider of choice.