It is hard for a lot of people to understand exactly what an e-wallet is. It can be even harder to find information about e-wallets online because the definition of e-wallet varies by country.
In truth, digital wallets are one of the most secure ways to conduct online purchases. No matter which country a person is from, e-wallets can be beneficial to the frequent online shopper.
European wallets, for example, have the capability of storing multiple currencies in one account. For Europeans, especially those who travel, this is a necessity. European users of e-wallets can also link their own debit card to their e-wallet, but a more typical method of storing funds on an e-wallet is simply providing the wallet with a balance.
PSI-Pay is just one of the companies that offer an e-wallet to Europeans. The company has been in operation since 2007, making it an early entrant into the world of e-wallets. They are licensed by the FSA, and they are regulated by the Financial Conduct Authority, which is active throughout the entire European Union. PSI-Pay is also a registered issuer of MasterCard, a luxury they were awarded in 2009.
PSI-Pay recently partnered with Kerv to bring 38 million payment locations all over the world. PSI-Pay and Kerv’s partnership further expands the alternative payment method industry to new heights.
PSI-Pay is predicting that these alternative payment methods will one day be the standard, doing away with normal cash payments. They are able to make this prediction because they see the large amount of young people, on social media, demanding that their favorite retailers install some form of e-wallet system.
The internet as a hole has come a long way, and PSI Pay is regulated by the FCA. Many of the people who feared putting information online in the 90s now have social media accounts that go into great detail concerning their personal lives. Financial security trends have taken a similar approach considering people are far more comfortable using the internet for purchases. Even prominent newspapers, like the New York Times, report that e-wallets and other contactless payment methods have a low number of fraudulent activity.