Contactless payment has, increasingly, become the popular form of payment for small purchases. The ability of a customer to use one tap to make a transaction has really sped up the, otherwise, long process that was. A revolution of this kind may be received with a lot of skepticism; however, many stores across the world have embraced this form of payment.
Gone are the days when people would carry around notes and coins. With contactless payments, people use smartcards, credit, and debit cards for purchases. Today, cards are the currencies people carry around. At the forefront of this revolution is PSI Pay, a company that champions contactless payments by providing both people and businesses with quick, private, and secure global transactions.
PSI Pay Ltd is a Principle Member of MasterCard. Its dealings in electronic money are authorized and regulated by the FCA (Financial Conduct Authority). They provide customized physical or virtual card programs for individuals and companies on a global scale. The company provides its customers with a multi-currency platform which enables the movement of money. They provide people with secure online payment accounts, physical and virtual payment cards.
The contactless payment trend has existed for the past 10 years and more people are jumping at the chance to use it. One notable entity is the Church of England which has championed the use of electronic collection terminals for donation collection in 40 churches. According to PSI Pay, contactless payments will grow to surpass the use of cash.
There are many players in the market for contactless payments such as Android Pay, Apple Pay, and Google Wallet, however, the partnership between PSI Pay and Kerv has made a strong force in the global market. According to the UK cards association, last year 108 million contactless cards were issued in the UK. In addition, there were 500,000 bank-owned terminals present to accommodate these transactions.
The new norm has become the use of contactless payments and customers are calling out to retailers that have not updated their payment methods to do so. Contactless payments cards and rings are widely accepted even by institutions that were considered traditionally cash-based. This really changes the dynamic. PSI Pay continues to be the vehicle that carries contactless payments to its inevitable dominance, the future of all transactions.