PSI Pay: Facilitating Secure Digital Financial Transactions Globally

Driven by technological advancements and inherent challenges associated with rudimentary methods of using currency money, merchants have increasingly developed secure and more decentralized forms of currencies that are reliable. As the primary players in the risk management industry involving currencies, banks have also evolved especially in their mode of transactions with more financial institutions such as PSI Pay and other well-established traditional banks opting for digital financial transactions that are more convenient and not burdened by the ethical issues surrounding traditional banking. Moreover, the banks are increasingly introducing new transaction models especially on the backdrop of the 2008 global financial crisis. Aimed at protecting the industry against such crisis, banks have introduced annual fees to encourage financial institutions and investors to put the interests of their clients first.

 

As the primary risk managers, banks earn from the interest rates they charge private users who borrow unused funds entrusted to them by private individuals. Individuals who deposit funds in banks also benefit from interest rates offered by the banks on the assets and earnings they place in the care of the banks. While currency is divided into three distinct categories including commodity, representative and fiat money, it is the latter that has revolutionized digital banking and financial transactions. Fiat money offers flexibility in when it comes to determining its value. Creators of fiat currencies have the exclusive right to determine the value and legitimacy of the currencies. One modern currency that shares significant characteristics with fiat money is cryptocurrency.

 

The Emergence of Alternative Financial Management Models

 

While cryptocurrencies especially Bitcoins have become buzzwords over the past few years, they are part of a broader drive towards developing alternative models of transactions that are not burdened by the inherent hindrances associated with traditional banking. The other alternative model that has gained traction within the global financial community is crowdfunding. Crowdfunding platforms such as GoFundMe, Patreon, and Kickstarter among others eliminate the need for third-parties such as banks. Transactions can be carried out directly between parties including investment companies. These platforms offer a highly customized model for financial transactions and give individuals greater liberty when it comes to decision making.

 

Cryptocurrencies offer similar liberties and are highly decentralized. Unlike traditional currencies, the transaction ledger is spread across various computers making them difficult to control by any institution or government. Moreover, decentralization ensures that cryptocurrencies are secure especially when it comes to hacking and network connectivity problems. However, the open-source nature of cryptocurrencies makes them vulnerable to value manipulation, especially by creators. They are also highly volatile. Despite these challenges, banks and financial institutions such as PSI Pay are increasingly incorporating cryptocurrencies in their digital financial transaction platforms.

 

 

 

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PSI Pays Tight Security Protocols Lays Ground for Contactless Payment to Thrive

Many businesses have embraced online payments owing to its many benefits. Customers expect businesses to have such facilities since they can improve their cash-flow. That is part of the reason why Walmart and PayPal have come together to give their shared customers integrated services.

 

Online shoppers have increased over time and usually, they pay for goods and services using credit cards and debit cards. Buyers explore the internet to get reliable and convenient services whenever they want to make purchases. Therefore, businesses that do not incorporate electronic payments don’t have a competitive edge in the market and they ought to make special arrangements to be able to accept the payments. A business needs to have a merchant account to start accepting electronic payments.

 

According to a survey conducted recently, identify theft has become rampant and consequently, buyers are a worried lot. PSI Pay recognizes the importance of security and has put in place several measures to curb identity theft and fraud.

 

PSI Pay utilizes the reliable rules-based system, transactional as well as behavioral data analytics and external data brokers to not only verify the identity of customers but also prevent fraud and protect businesses. Additionally, it prides itself of qualified cybersecurity experts working to identify suspicious account activities and investigate them with an objective to combat fraud.

 

PSI Pay’s success in enforcing security measures to protect businesses and buyers from fraud prepared the ground for contactless payment. Contactless payment requires more sophisticated security mechanisms and therefore, payments are secured using RFID technology or near-field communication.

 

PSI Pay partnered with Kerv Wearables to take payments to another amazing level. With contactless payment, customers can make payments without entering a password, swiping or giving out a signature. The era of using cash money such as coins and notes will be gone completely and contactless payment ring, provided by both companies, will soon take over.

 

You are probably asking yourself, but what is contactless payment? Well, it is a technology that enables users to make payments for goods and services using credit and debit cards by what has been termed as “wave and pay”.

 

Contactless payment has been enabled by Kerv and PSI Pay’s proprietary ring which guarantees durability and comfort. The technology can only process transactions to a certain limit to prevent unauthorized payments. The technology has been embraced widely and according to the companies, it is going to change banking.

 

About PSI Pay

 

PSI Pay is a Fintech company which is regulated by the Financial Conduct Authority in the UK. It provides digital accounts as well as convenient payment cards to customers in the UK and the whole world. Since 2007, the company has been operating under the umbrella of its policy, transparency, and efficiency.

 

 

 

 

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