An article from Daily Forex Report’s website mentions how digital wallets have become more and more popular thanks to innovative technology companies like PSI Pay. PSI Pay has had a huge increase in business volume and their business is only increasing.
The article discusses that these digital wallets make a more convenient place to store all credit and debit cards in one place. Digital wallets still hold the same purpose as a traditional leather one and can often be more secure.
In Europe, many people have converted to these digital wallets and linked their credit and debit cards to the wallets. EcoPayz is an example of a European digital wallet service that has become popular and is free to sign up. The article mentions that there are currently European consumers out there that now only rely on digital wallets to house their finances and replace their actual bank accounts. This is convenient if a person lives in a region where the majority of retailers accept mobile payments.
PSI Pay has seen huge growth since 2011 when British authorities gave the company permission to issue electronic funds. This new modern form of payment that PSI Pay offers has made big strides in the modern financial world.
Geeksnews also discusses the American style of a digital wallet. In the American digital wallet, consumers will enter all of their card details after signing up. When the consumer logs into this account they have created they can use it to pay merchants online rather than giving the merchants access to their actual card number. This new and modern way of making purchases can help keep card information more secure for consumers that purchase goods online.
A survey recently showed that Millennial’s are much more likely to have digital wallets than older adults in the United States. The secure features of a digital wallet have really been a big attraction for many young adults in America. Digital wallets have not become as popular in American retail stores though due to the fact that many don’t have contactless card readers. The article mentions that digital wallets are said to become more of a common form of payment by 2020.
PSI Pay experts have mentioned that this modern form of contactless payments will become more and more popular as the years go on. Financial reports show that only $1 in every $2,750 worth of these contactless payments experience fraud. This high level of financial security is a huge draw for many people and PSI Pay revenue numbers only show the increasing popularity of this newer form of payment.
The article discusses that there have been wearable payment devices developed by companies in the U.K. The company Kerv teamed up with PSI Pay and sells wearable ceramic rings that can be used to make payments. It is reported that one in four Europeans use the wearable device as a form of payment.
PSI Pay is determined to keep trying to make personal finance a more convenient process for everyone involved.