With travel between countries increasing as the world becomes more globalized, digital wallets are playing an increasingly important role in the monetary matters of today’s consumers. Unfortunately, due to different services being offered in different countries and different regulations causing issues for international customers, a digital wallet is not a one size fits all solution. Enter PSI Pay, an online European-style banking service that allows deposit and withdrawal of funds in 44 different currencies and through 173 different countries. PSI Pay is a Fintech company and is regulated by the UK Financial Conduct Authority. It has been growing ever since 2015 and continues to beat its own financial record.
PSI Pay also offers the brand ecoPayz, a free wallet service that allows free sign up and has five different membership levels, three of which include the free transfer of international currency. EcoPayz offers excellent features at an affordable price and has been authorized by MasterCard to supply pre-paid cards to businesses. PSI Pay was also authorized by British authorities to issue electronic fees seven years ago.
— PSI-Pay (@PSIPayLtd) May 24, 2016
In 2016, PSI Pay partnered with Kerv to release the first contactless payment ring, utilizing Psi Pay’s MasterCard license and enabling the ring to be used in 38 million locations all over the world. So far, the ring has exceeded its Kickstarter goal (in October 2015), received media coverage all over the world, and won many awards, such as the Temenos Innovation Jam award. This ring is a ceramic zirconia ring and is usable for payments anywhere that accepts MasterCard. They can also deposit funds from many origins in their digital wallet associated with the ring, such as PayPal, bank, credit card or debit card funds. It’s wonderfully convenient and ensures that customers do not have to enter PINs, sign their names, or even replace batteries. According to MasterCard, one in four Europeans plan to acquire and use wearable payment technology such as the PSI Pay/Kerv ring in the future. PSI Pay also projects that contactless payment methods will eventually beome more popular than cash. Both of these observations on the popularity of such payment methods is substantiated by the continuously soaring finances of PSI Pay. Confidence is also growing in these methods, with the New York Times reporting that fraud is rare, and surveys showing that customers are more confident.