Why COVID-19 has only strengthened the need for Cloud Payments

It’s been an interesting time for MYHSM, having been established 18 months ago in the midst of a huge rise in cloud payments, open banking, and a boom in the payments market. Of course, during this we’ve also experienced the economic and personal impacts the COVID-19 pandemic has caused.

As we’ve all seen, COVID-19 has transformed how the world works, accelerating mass digitisation, online retail, and forcing a move towards an increasingly cashless society. In line with this banks are now developing a Cloud migration strategy, with most making some use of the Cloud. Not only this, but many businesses have become more efficient as a result of digitisation, MYHSM included, saving time and money on travel expenses.

Of course, there’s been a brief negative impact on fintechs looking for seed investment. But the fact is, as the world returns to normal, these things are likely to pick up again, and there may be an even greater need for fintech innovations to continue stimulating the market. However, for already established fintechs, there is the opportunity for the challenges this crisis has raised to provoke positive evolution across the fintech ecosystem.

For MYHSM in particular, having entered the market with a vision to provide Cloud-based Payment HSMs and reduce the need for on-premises infrastructure, making the service shareable, secure and more cost effective, we have been perfectly positioned to embrace this sudden shift towards digitisation and the move to the Cloud.

So it goes to show that through this crisis there is the opportunity for further innovation that benefits both businesses and consumers in the long run – just as the financial crash did in 2008, making way for the boom in fintechs that we have today.

Our CEO John Cragg spoke to Fintech Focus, to discuss MYHSM’s place in the payments market, and how we can work with the financial industry to help fintechs enter the marketplace and succeed through the global crisis in addition to working with Tier 1 banks to move away from legacy infrastructure. During the discussion, John discussed how, at MYHSM, we’ve been incredibly lucky that despite a small dip in sales in the summer, we’ve seen a significant increase since.

To hear more about what our CEO has to say on what these innovations might look like for MYHSM, as well as the move to Cloud-based Payment HSMs, and why two-factor authentication is so powerful for the payments industry, you can watch the rest of his discussion with Fintech Focus here:

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