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A push for simplification The PSR, which oversees payment systems including Faster Payments and Mastercard , will have its functions largely absorbed by the FCA. According to the government , this consolidation will reduce the complexity of regulatorycompliance, particularly for businesses navigating multiple oversight bodies.
It highlights key trends, such as open banking, tokenisation, and fraud prevention, which are crucial for merchants to remain competitive and secure. Merchants need to continue adapting to new payment methods, collaborate with industry peers, and stay agile in balancing innovation and regulatorycompliance.
The token from the previous transaction is used to process the payment, and the merchant doesn’t need to ask for his card information again. The merchant can store the token instead of the payment details to reuse it for future transactions. Ultimately, that trust leads to increased customer loyalty.
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