PSI-Pay Revolutionizing the Alternative Payments Industry
Digital wallets have various operational form each being unique with its country and consumer practices. The European Digital wallets, for example, can carry multiple types of currencies.
Moreover, they can replace the regular checking bank accounts, and some people have entirely turned to these digital wallets. It is, therefore, the function of the wallet providers to take care of issues like payment disputes.
The American Digital wallet, on the other hand, links the wallet to the credit cards or debit cards, so they don’t have to hold any money. It has picked up popularity among the young people as it is considered safe and fast. Factors like contactless cards and undertrained employees have diminished the digital wallet’s function in the country.
A lot of governments have insured the standard bank accounts, but the courtesy does not necessarily extend to electronic money. Mobile wallets are not incorporated in the deposit insurance programs by the European Union.
Moreover, regulators have denied digital wallets to render some services which are taken care of by financial institutions, for example paying interest for those who store money into their digital wallet accounts.
Quenching the worries of switching to digital banking, is a product company of Fintech, PSI-Pay. It has government regulation to provide the comfort and security to users of the digital market.
In 2011, it got a permission grant from the British government to issue electronic funds. Moreover, it has authorization from Master Card to supply pre-paid cards to businesses.
Since the redesigning of ecoAccount and EcoCard in 2013, it has overgrown recording an increase in the business volume by 30 percent in 2015. PSI-Pay experts believe that at the current trend, the contactless payments will overtake the popularity of cash.
PSI-Pay has also partnered with Kerv, an innovative company in the alternative payments industry. This partnership will involve using PSI’s MasterCard certification to make it possible for the Ker contactless ring users to be able to make payments across 38 million locations in the world.
The clients will be able to replenish their accounts with funds via credit or debit card, PayPal or bank transfer or either the manual load or auto top-up. The virtual card will also facilitate online and in-app purchases on top of being able to make contactless payments.
Managing Director of PSI-Pay, Phil Davies, credited Kerv for its innovation and exiting revolutionary changes. They are happy to have been picked as the other side of the partnership by Kerv.
Phil Campbell, Kerv founder, on the other hand, said they found the responsiveness, open-mindedness, and ability to solve problems, in PSI-Pay.
The contactless ring has gained a lot of recognition and earned a lot of awards like Temenos Innovation Jam.