Overcoming the Barriers to Innovative Payment Technology

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Brian Tate states the obvious as an example of how far payment technology has advanced in such a short time: “If you said 15 years ago, we’d all be banking on our iPhones or Samsung phones, who would have believed you?”

In a recent Source by DailyPay podcast, Tate, who serves as the CEO and president of the Innovative Payments Association, said he helps organizations when it comes to navigating the regulatory landscape associated with bringing new tech into payment transactions. And that new technology “replaces your check, your traditional checking account, in most cases, and soon probably your credit cards and other payment tools.”

In talking about the key challenges that need to be overcome for a new payment product or feature to become successful as it goes to market, Tate cited three aspects he’s observed that can be critical in an organization’s attempt to succeed:

Tate said that developers should consider regulatory compliance in their process before bringing it to market. “If you are a dreamer and a high-level thinker, you’re thinking about ‘how do I help the end-user,’” and sometimes can overlook the need to ask whether the processes are compliant with consumer protection and other

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