PIF is proud to be governed by a member-elected Board of Directors, each lending their time and industry expertise to ensure PIF meets its objectives. This month, we spoke to Declan Byrne, Group Director at One4all and chairman of the PIF Public Affairs Committee about the changes and challenges facing the industry and why he joined the PIF Board.
PIF: What is the biggest challenge facing the industry in 2019?
Declan: I believe misplaced regulation of prepaid and emerging payments generally is the greatest challenge facing our industry going forward.
PIF: What are the most important changes we’ll see in the prepaid and fintech sectors over the next two years?
Declan: I think Fintech with embedded prepaid will increasingly be a major feature of our industry. I see this developing as both independent plays in the market and as collaboration with major financial institutions.
Globally, over 450 million SMEs have poor or no access to financial services. I think this is a major opportunity for fintech and prepaid in the provision of a range of innovative credit and payment based services.
PIF: Why did you decide to get involved with PIF as a member of the Board?
Declan: I referred to regulation as a major challenge facing our industry. Properly managed it can be an innovation enhancer. Proof of this has been the role played by the Payment Systems Regulator and Financial Conduct Authority in encouraging a more innovation-friendly approach to the sector. PIF has played a major role in shaping this. This is the main reason we joined PIF and will continue to be a member. We see the role of PIF in shaping the wider EU regulatory space as a major goal for us as members. Influence through collaboration is more effective and less costly.
PIF: Why do you think the work PIF does is important to the industry?
Declan: PIF is a focussed industry body. It is clear in its mission. That mission is to create a fertile environment for players in the prepaid financial services space to thrive from an investment attraction, a regulatory and a consumer perspective.
PIF is the sum of its members parts. Its strength comes from the commitment of its members and the collective industry experience they bring to the organisation. Members can tap into this pool of experience as part of their membership and receive extensive knowledge, guidance and support.