Payment without a card? PSI- Pay may be the future

A recent article by Daily Forex reports details a new wave in economic spending; Digital wallets. Now, what exactly are digital wallets? Mostly, they are a digital version of the traditional leather wallet that most people carry around. They create a safe and convenient place for debit cards, credit cards, gift cards and cash. In America, systems like Samsung pay, apple pay, google pay, are king. However, according to this article, Europeans use digital wallet services much more often. Although they don’t carry the same benefits, European style wallets can replace a conventional bank account. But before a consumer can commit to this change, he or she must live in an area that accepts mobile payments.


One popular form of a digital wallet in the UK is PSI-Pay. So what is PSI-Pay? Well, for starters, its a Fintech (financial technology) Company that contrary to most digital wallets, is regulated by the UK Financial Conduct Authority. This is crucial because it gives its users less to worry about when considering a switch to digital wallets.


The article states that America and the UK view digital wallets on opposite spectrums. It suggests that Americans are less willing (outside of millennials) to adopt mobile payment services as willingly as Europeans. While Europeans of all ages, clamor for the expansion of contactless readers to better utilize PSI Pay and other digital wallets. In fact, the article foreshadows the future of contactless pay in the UK when stating that a local company, KERV, has partnered with PSI-Pay to usher in new innovative ways to pay.


KERV manufactures zirconia ceramic rings that allow its users to make payments to merchants. Bucking the trend of conventional payment methods, PSI-Pay and Kerv believe that this form of a contactless consumer is the future.


Even though this industry still faces significant hurdles, companies like PSI-Pay and Kerv continue to work hard to make personal finance more accessible and affordable for everyone.