11/15/2022

Regulations in Payments

By: Salman Hossain, Shiv Bhanap, & Sayyant Rath

A major trend in the Payments industry is innovation outpacing regulations. Because payments contain sensitive information about customers, it is vital for companies to protect them. With the high rate of innovation, applying standards is necessary to support security and clarity on what is going on. This can also present an issue when it comes to global payments. Such as handling payments internationally involving different countries, such as using Euros for a product listed as USD in the USA. The regulations will most likely follow soon. With cooperation from public and private sources, eventually, regulations will be standardized, giving an even playing field for companies in the payments sector to innovate within what is allowed. This provides security for customers and risk mitigation for any legalities between the companies and international laws.