![paypal subsidiaries paypal subsidiaries](https://i.etsystatic.com/20464453/r/il/9bc31a/2845752404/il_fullxfull.2845752404_jg7t.jpg)
#PAYPAL SUBSIDIARIES PSP#
These individuals know the perils of failed compliance controls, but PSP culture often represents a sea change from a traditional bank’s culture and more mature compliance programmes.
![paypal subsidiaries paypal subsidiaries](https://cdn.dribbble.com/users/118309/screenshots/10699903/main-comp.png)
Ranked as the number three FinTech “hub” in the world behind only the United States and the United Kingdom, the Asian powerhouse has seen a boom in digital payments and the number of PSPs competing for market share. Interestingly, within the PSP space, Singapore, the tiny nation-state with the giant financial reputation, has an outsized presence. Their objective is simple: to streamline and accelerate financial services. With so much of the globe increasingly turning to contactless payments - as well as e-wallets and digital currencies - more financial technology (FinTech) companies are entering the market as payment services providers (PSPs). By 2023, consumers are expected to drive the market to an astronomical USD$6.7 trillion, with more than 6.1 billion people transacting. Some of the activity can be attributed to the increased use of contactless payments arising from the COVID-19 pandemic, but the trend has been steadily rising for years and shows no signs of slowing. That staggering figure is the estimated value of all digital payments made worldwide in 2020. Most consumers have no idea that they joined a global market valued at USD$4.4 trillion with just the touch of a button last year.
#PAYPAL SUBSIDIARIES FULL#
With the Payment Services Act taking full effect this month, payment services firms must meet new compliance regulations if they want to retain consumer trust.