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 (@PSIPayLtd) August 10, 2015
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.