A recent article by Hi-Tech Chronicle reports details a new wave in economic spending; Contactless payments. Now, what exactly is a contactless payment? Mostly, they are a digital version of a wallet. This type of payment uses debit cards, credit cards, etc., and allows the owner to make a purchase digitally through NFC or near-field communication. One favorite Fintech company that offers contactless payment is PSI-Pay. In addition to PSI-Pay, Kerv, an affiliate of PSI-Pay, provides the ability to make contactless payments through rings. In America, systems like Samsung pay, apple pay, google pay, dominate the market, whereas in the UK it is a little bit more saturated. However, PSI-Pay is leading the way. And they are doing it in a country that is more accepting of this form of payment.
Contrary to most digital wallets, PSI-Pay is regulated by the UK Financial Conduct Authority. This regulation is crucial because it gives its users less to worry about when considering a switch to digital wallets. They provide payment convenience as well as digital accounts to its consumers both abroad and close to home.
The article addresses points that suggest why consumers will use contactless payments. Some include efficiency and speed. With just a tap, the transaction will be completed, and the consumer will not have to spend time counting cash and searching for his or her credit card. Another benefit is security. “Ecurity” measures have been put in place by both PSI-Pay and its affiliate Kerv to reduce the likelihood of a security breach. Some steps include approved short range usage; which lessens the threat of illegal copying, and no liability if an unauthorized person uses the card.
Also, contactless payment has similar security to cards such as PIN and chips with many layers of protection.
PSI-Pay believes that contactless payment represents the future of consumer purchasing. And this is proving to be right with many different types of organizations evolving and accepting contactless payments. The popularity of consumers is so much that in the UK, public transportation operators are working to make contactless payment usable with trains and buses.
Even with all of this excitement, this movement isn’t expected to replace fiat money. At least not soon. And even though this industry still faces significant hurdles, companies like PSI-Pay and Kerv, coupled with consumer pressure and business participation continue to work hard to evolve the current financial landscape toward flexible technology and make personal finance more accessible and affordable for everyone.