We talk to our partner Transact about what they do, and why they chose to work with GPS
What does your organisation offer?
Transact Payments Limited is an e-money issuer and Principal Members of both Mastercard and VISA, offering BIN Sponsorship and payments services across the EEA.
What do you think are the main challenges the industry is facing today?
The ongoing pressure for companies to be compliant with the evolving regulatory and scheme landscapes.
How does your organisation help to address these?
Fully assessing any program we are servicing/sponsoring to ensure it meets all scheme rules and local regulation.
What do you see the future trends in your sector being in the next 5 years?
More companies will look to become regulated, which may then lead to more Principal Memberships being issued by the schemes. The duties and responsibilities of Principal Members are vast, and this is something TPL can also assist with, allowing Principal Members delegate a number of issuer related tasks to TPL.
What areas do you see evolving that will have a major impact on your sector?
Access to open banking and I do feel the schemes will soon make it mandatory for all programs to allow access to Apple/Samsung/Google/Fitbit pay etc. With any additional service a program is offering their client, increases the cost of running a program. Although in most cases programs need to rely on income from other revenues than just the payment card, soon more companies will need to start charging the end user to cover some overheads, which in turn may make their product less attractive and harder to sell.
Why did you decide to work with GPS?
Over the number of years we have worked with GPS, we have built an exceptional understanding of our mutual service offerings. GPS understand the complexities of launching a card program from a issuing perspective, and constantly adapt their personable approach to meet specific program needs.