Trust Payments CEO Laurence Booth emphasises the need for payment service providers to move beyond transaction processing, leveraging digitisation and personalisation to deliver seamless, data-driven experiences in an evolving consumer and regulatory landscape.
The payments industry is at a turning point. Consumer expectations are evolving rapidly, and merchants are racing to keep up. Today, being a payment service provider means much more than managing transactions—it’s about seeing the bigger picture. From seamless customer journeys to integrated digital tools, businesses are looking to maximise customer experience at every touchpoint, with digitisation driving this transformation.
The Payments Association sat down with Trust Payments Group CEO Laurence to gain his insight into why it’s time for payment providers to think broader, embrace innovation, and help businesses meet the demands of an increasingly dynamic and connected world.
Booth: The persistent evolution of how customers make buying decisions has pushed retailers to prioritise a seamless and pleasant customer experience. It’s no longer enough to focus solely on transactions; factors like data analytics, inventory management, fraud prevention, and loyalty schemes are now crucial. To meet the expectations of the typical 2025 consumer, businesses must demonstrate their ability to deliver more than just efficient checkouts.
Booth: Payment service providers (PSPs) are critical to managing rising digital payment volumes consumers increasingly demand. Providers like Trust Payments offer robust solutions that integrate seamlessly with existing systems and support various payment methods and currencies.
The shift toward omnichannel solutions has also transformed how businesses interact with customers. A unified approach allows customers to, for instance, begin a transaction on a mobile app and complete it in-store without any friction—creating a seamless commerce experience.
Booth: Digitisation is at the heart of transforming PSPs, offering businesses significant benefits that are essential for adapting to evolving consumer demands. It enhances customer experience and convenience, strengthens security and fraud prevention, improves operational efficiency while reducing costs, and expands reach into global markets. Additionally, digitisation enables data-driven decision-making and personalisation, empowering businesses to deliver tailored experiences that resonate with their customers and drive growth.
Booth: PSPs are now tasked with enabling effortless journeys across the shopping experience, not just processing payments. This shift brings new challenges—operational, strategic, and regulatory—as PSPs align with growing business and consumer demands. The integration of POS systems with company software is a game-changer. POS systems now act as data analytical tools, helping businesses unify commerce, remain competitive, and meet rising challenges.
Booth: Merchant expectations are rapidly shifting as payment trends continue to evolve, placing greater demands on PSPs. Businesses now require support for digital wallets, tap-to-pay solutions, and buy now, pay later (BNPL) options to meet consumer demands for convenience and flexibility.
Services like tap-to-pay have become essential for delivering a seamless retail experience, and PSPs that fail to provide these solutions risk falling behind in an increasingly competitive market.
Booth: Personalisation is key. Analytics and customer data allow retailers to deliver targeted strategies, such as personalised messaging, exclusive offers, and tailored advertising. The impact is significant—consumer spending can increase by up to 500%.
Negative experiences drive 1 in 3 customers away from a brand, so personalisation is no longer optional for those aiming to enhance customer satisfaction.
Booth: Regulatory changes, such as PSD2, GDPR, and the upcoming PSD3 and PSR, place a stronger focus on security, transparency, and innovation. Robust authentication, data protection, and compliance are now integral to PSP operations.
These regulations push PSPs to prioritise security while also innovating to deliver flexible, versatile, and integrated payment options that meet the needs of today’s consumers and businesses.
Booth: The payments industry is continuously evolving. To stay competitive, businesses must anticipate and adopt emerging trends that enhance the customer experience. Technologies that improve convenience for both consumers and retailers are essential.
Partnering with agile fintech providers like Trust Payments enables businesses to future-proof their payment infrastructure and seize new opportunities as they emerge.
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