PSI-Pay: How Contactless Payments will Change the Future

spcblog, 09 August 2018, No comments
Categories: business

The 21st century has seen a lot of advancement in technology, including the way people pay. Today, different forms of payments exist – through using the money, credit cards, and the rising trend of contactless payments. In the United Kingdom, a company named PSI-Pay is trying to introduce the use of a contactless payment ring that promises convenience to the people. The company is headquartered in the United Kingdom, and they have been around for years developing innovation in the financial realm. Through the years, they helped to change the European society and transform it from a cash-based society to a highly advanced society using new kinds of payment. PSI=Pay supports contactless payments, and the partnership that they developed with a wearable technology firm have resulted in the production of rings that are now used extensively all throughout the continent. The company believes that contactless payment is the future of finance, as it will succeed the use of money and credit cards. It will ease out the burden of carrying tons of cash and credit cards to purchase a single item, and it would also depend on the user’s online credit.



PSI-Pay wanted to bring the technology to the United States. In Europe, it is possible for someone to live entirely without depending on money, as more establishments in major cities are now accepting contactless payments. There is also a change in the demographics of contactless payment users, because more and more seniors are using the technology, and not just the millennials or the younger generation. Transport services in the United Kingdom are slowly adapting to welcome the technology, and in a few years, they promised that changes would happen.



PSI-Pay wanted to implement a global reform in the field of finance, and they claimed that a cashless society would be more progressive than the state of the world today. In Sweden, most of the establishments are now accepting contactless payments, and they are now on their way to become a cashless society. For PSI-Pay, the future would see an increase in the use of cashless payments, and if the retailers wanted to survive, they would have to adapt to the new system.



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