PSI-pay is the leading regulated Fintech Company in the UK that provides digital payments card facilities and account services. Over half of financial transactions in the UK are made through the use of credit cards, and this has contributed immensely to its growth. PSI-pay has partnered with Kerv wearables which are the leading innovators and manufacturers of contactless payment rings to ensure that cashless payments dominate the market. However, the partnership fully utilizes the use of PSI-Pay’s MasterCard license that allows users of the Kerv contactless payment ring in over 38 million locations in the world to pay.
On the other hand, Digital wallets vary based on different consumer practices across the globe. PSI-Pay has stepped in to close the gap by integrating the market. Digital wallets in Europe carry cash balances, and they can hold up multi currencies such as pounds and euros. This strategy is only operational in regions where service providers and retailers accept mobile payments. However, users should be cautious if need be to carry large balances as many governments don’t ensure electronic money. Digital wallet companies are also restrained from offering certain services that financial institutions offer such as interest payment to users. However, in America, these wallets include Masterpass and Walmart payment which unlike to European-style, they protect sensitive information and reduce the risk of the user losing money to database hackers. The American-style digital wallets cannot be an alternative to a bank account. This completely illustrates how Digital wallets vary depending on consumer practices worldwide.
PSI-Pay cubs down the gap by introducing contactless payment program. This method has a higher degree of financial security which makes it domineering in the American and Europe market. It is more efficient, fast and convenient now that the payment devices are manufactured as wearables such as rings and users do not have to carry along their smartphones, enter PIN or sign names and change batteries. This rings can transact business with any offline or online merchant who accepts MasterCard payments. Lately, relatively a small number of individuals use wearable devices to purchase goods, but they stand out to have a promising future as time runs by. Both American and European varieties of digital wallets are fast and secure even though they don’t offer the same benefits. Wearable and contactless devices, however, do the same only that they will acquire popularity because many people may opt out on waiting lines and avoid merchant-specific data breaches.