26 Feb 24

The Evolution of POS: Simplicity, Security, and Compliance


In the ever-evolving landscape of financial transactions, the shift towards simpler, more cost-effective payment methods, balanced with the critical need for security and compliance, is becoming increasingly apparent. Drawing insights from industry experts Philip Glickman and Lewis Sun, this blog explores how these changes are reshaping the way businesses handle transactions, offering a window into the future of payment systems.

Simplifying Payment Acceptance and Reducing Costs

Philip Glickman, formerly Managing Director at J.P. Morgan, observes:

Today, if you want to be enabled to accept the payment, you can get a piece of paper, print out a QR code, put it on the wall, and that's your method. That's how you accept payments, someone takes a picture of it and so on. Even just a couple of years ago, you had a very complicated drawn-out process of talking to banks, securing lines of credit, being able to get these devices and so on. What's happening is that the ease of acceptance and the cost of acceptance is lowering. And that's happening very quickly. And that's the key message: it's easier and it's cheaper to accept payments and to make payments.
Philip Glickman, formerly Managing Director at J.P. Morgan

Glickman’s statement highlights a significant shift in the industry. The simplification of payment systems, like the use of QR codes, represents a move away from traditional, complex processes. This evolution not only makes it easier for merchants to accept payments but also reduces the cost associated with payment acceptance. The implication is a more accessible and financially feasible landscape for businesses of all sizes.


Balancing Security and Compliance in Payment Systems

Lewis Sun, Head of Domestic & Emerging Payments for Global Payments Solutions at HSBC, comments:

Security and compliance will continue to be one of the most critical elements for us. We view this really in two ways: One is we need to observe the evolution on the market, because regulators want to build a stronger environment, more robust infrastructure for all the market players to have a level playing field to innovate, to transform. But then on the flip side, they also want to control the risks, and we want to control the risks. So we strike the right balance, really following up on the critical elements where we can deliver the maximum benefit to our clients, but within our well-defined risk appetite. Basically it’s about technology, operational flow, governance, framework and also a strong mindset of being compliant.
Lewis Sun, Head of Domestic & Emerging Payments for Global Payments Solutions at HSBC

Sun’s perspective sheds light on the dual aspects of security and compliance in payment systems. As the market evolves, so do the requirements for a secure and compliant transaction environment. The emphasis is on creating robust infrastructure while controlling risks. This approach involves not just adopting advanced technology but also ensuring effective operational flows, governance, and a compliance-oriented mindset. It's about striking a balance between innovation and risk management to provide maximum benefit while maintaining security and regulatory compliance.


The transformation in payment systems as described by Glickman and Sun reflects a dynamic industry adapting to new technologies and regulatory demands. The move towards simplified, cost-effective methods of payment acceptance, combined with a strong emphasis on security and compliance, underscores the industry's commitment to innovation and risk management. These changes are not just redefining payment processes but are also setting new standards for the entire financial sector.

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Lucie Le Louargant

Marketing Programs Manager


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