It is a fact that people use digital wallets to carry cash since they can hold a variety of currencies. This is because digital wallets provide security and are a convenient and comfortable place for keeping money. They can replace bank accounts and some people can use them in their financial errands. The number of people using digital wallets with cash balances has rapidly increased in Europe over the past few years. Users link debit cards to the wallets and use them for withdrawals from ATMs while some members pay for products and services.
PSI-Pay provides payment solutions to businesses through the digital wallets and accounts. It bridges the gap by allowing users and individuals possessing the digital wallets to make financial transactions anywhere in the world. It is regulated by the UK financial conduct authority making consumers less worried about switching to digital banking.
PSI-PAY has experienced rapid growth since master card authorized it to supply business with pre-paid cards. In 2015 the company recorded its best financial year by providing services to both local and international markets.
Contactless Payment Ring
PSI-PAY and kerv wearables have partnered to enable the first contactless payment ring. The partnership utilizes PSI-pay’s master card license which can allow users of the contactless payment ring to make payments in various locations around the world. Kerv users can deposit in their accounts through debit/credit cards and bank transfer. The payment ring can enable ring users to conduct business with online or offline traders that accept master card payments. They also have the option to deposit in their digital wallets.
Specialized clothing and jewelry are linked to digital wallets. Credit cards are getting replaced by wearables such as watches and bracelets. These wearables get connected to ceramic rings that are sold, and the owners do not need to enter their pin or sign in anywhere when making any business or financial transactions. A small number of individuals use the wearables since not many are familiar with them. People still prefer the plastic payment cards. According to MasterCard, the contactless devices appear to be promising, and many people will be familiar with them and tend to use them more.
Digital wallets and contactless wearable devices improve on security and save time. Although many challenges are facing the industry, companies such as PSI Pay and Kerv are working hard to ensure the digital wallets, and the wearables can become affordable to everyone.