PSI Pay is a mobile payment system offering many of the same benefits as regular banking. The benefits provided are what’s referred to as a “digital wallet.” Digital wallet users have access to a fast, secure method to pay for goods and services. Thus, eliminating the hassles of driving to a bricks and mortar building to conduct offline financial transactions. PSI Pay can be regarded as the future of contactless payment systems for both online and offline use. It serves the same purpose as carrying a wallet or purse filled with debit and credit cards. But instead of having to fish out separate plastic cards to complete purchases, everything is conveniently linked to one digital wallet. Currently, digital wallets are used by Europeans more on a daily basis than Americans. In an International survey, it was observed that Europeans prefer contactless point of sale transactions (POS).
To transfer money digitally requires a simple transaction to deposit funds into the digital wallet account. Once established, digital wallets are used much like prepaid debit cards; users can make purchases any and everywhere mobile payments are accepted. In Europe, there’s a large percentage of merchants that offer contactless checkouts. However, for Europeans a cautionary measure is needed for those who carry large cash balances. In general, customers of American financial institutions are protected by the The Federal Deposit Insurance Corporation (FDIC). As of yet, the European Union doesn’t offer a similar type of cash insurance. And another thing to consider is that unlike banks, digital wallets’ cash balances do not accumulate daily interest. Many digital wallet providers offer users with high balances customer related reward incentives. These incentives vary, according to the provider.
As a global digital wallets provider, PSI Pay is a Fintech Company and it does offer regulatory oversight protection by the UK Financial Conduct Authority. With this assurance, many customers have switched from conventional checking accounts to PSI Pay. In 2015 alone, the company acknowledged a growth rate of 30 percent. That is a rise in new customer accounts, a number which is projected to continually increase. In 2016, to make it even more convenient for customers to pay at checkout, PSI Pay announced the debut of the first ever global payment ring. The ring is in partnership with MasterCard Worldwide and is accepted by 38 million merchant.