Though the idea of digital wallets has been around for some time now and are increasing in popularity many people still don’t see the point. Other skeptics just don’t understand that digital wallets play the same traditional role as their leather forefathers. Users will be able to store cash, credit, debit and loyalty card information on a single mobile device. And if you are worried about security put your mind at ease. Digital Wallets securely stores the user’s payment information and passwords. There are many advantages to using a digital wallet. For instance, users will find it a lot simpler to organize their multiple payment methods. Not to mention, it will be easier to keep up with receipts and warranty information as well.
Though the basic idea of a digital wallet is the same all over the world the overall operation of digital wallets vary by country. The European and American digital wallets share a lot in common but also have many differences. A major difference between both regions is that the European wallet commonly carries cash balances. Americans, usually specific credit or debit cards to their mobile wallets instead. This means users do not need to deposit money to initiate transactions.
The European and American style wallets offer different amenities, however both are more secure and less time consuming.
PSI-Pay was founded to close the gap between countries as it relates to digital wallets. PSI-Pay is a Fintech Company regulated by the UK Financial Conduct Authority. Receiving the green light from British authorities to issue electronic funds 7 years it has been introducing modern payment solution ever since. This has led to rapid growth by the company. PSI-Pay AND Kerv Wearables recently announced a collaboration that will enable the world’s first contactless payment ring. The ring will be available to the global market. This frees the company to focus on manufacturing and selling rings instead of having to develop a sophisticated mobile wallet. The ring will allow users to initiate transactions with any online or offline merchant that accepts MasterCard.