PSI Pay: The Next Form of Banking?

There has always existed a conundrum when it comes to the various forms of currencies and their circulation. This has raised heated debate that touches on the increase of counterfeit money. This necessitated the modern banking models to look out for the interests of the merchants. Over the years, there has been a steady change to cashless payment methods.


The banking business tackles risk management as the trust of the people’s assets and funds are passed onto them. They also ensure the beneficial relationship between them and the customers exists.


The intrinsic value is what categorizes the currency. In the case of commodity money, it is represented in the form of goods and services and equated to materials possessions such as gold, precious metals, diamond, and gold.


When it comes to representative money, it falls on the banks precision in determining the real ownership of the products under storage for security purposes. Lastly, fiat money touches on the various forms of money in circulation at the moment.


The banks are involved in an unfolding sequence series of risk management which is filled with high risk. This has seen the cases of bank crisis as they struggle to maintain the upheld ethics. This has seen the intervention of the United States government and European Union come to the aid of the financial institutions at the brink of bankruptcy. Government regulations have been mitigated to cater for such cases.


An emerging trend that is taking over the investment banking industry is crowdfunding and cryptocurrency. When it comes to crowdfunding, designated third parties pull resources to finance a single entity with the suggested project in need of funding. It is an investment in someone’s idea with the surety of returns on the investment by the third parties.


On the other hand, cryptocurrency has taken the finance world by storm. However, it is filled with a lot of uncertainties due to the constant fluctuations in value. Its realistic use has been declining due to its unpredictability.


It offers a free transactional platform for exchanges. The open source nature of the cryptocurrency enables anyone to generate new cryptocurrencies. Its survival faces a litmus test with forces from the U.S federal government and the blockchain weighed against it.


PSI Pay offers digital payment options for firms and customers worldwide. It assures secure transactions as an affiliate of Western Union. It seeks to contribute to global trading through instant and convenient payments for the customers. This makes way for e-money intermediaries as the next step for securing your earnings in the banks.

PSI Pay: Developing New Ways to Pay

It all happened to us before – going to the supermarket or eating out, and realizing that we do not have our wallets with us. This is one of the inconveniences brought by using the physical money, and one company in the United Kingdom wanted to change that by using contactless payment indefinitely. Through the years, money has shown its importance to society – people could not buy anything without it, and almost all transactions to purchase goods and services require money. However, as technology improves, innovation in the field of banking and finance is being developed. One of the most revolutionary innovation regarding the use of money would be the introduction of contactless payment method. In the United Kingdom, PSI Pay leads the use of contactless payment, and they are encouraging the public to make the switch. With contactless payment, an individual no longer needs to carry a lot of cash and credit cards with them, because their money is stored inside a single card or a wearable ring that is preloaded with credits. They can bring it anywhere, and they can do transactions using it.


The technology has become so popular in Europe, that cities started adapting to the technology after its introduction to the public. Most major cities in Europe are accepting contactless payment as a form of exchange, and one can live for a week without relying too much on the money. Restaurants, supermarkets, and shops in major European cities have been accepting contactless payment for years, alongside credit cards and cash. There are also states in Europe that encourage their population to switch to contactless payments, like what Sweden is currently doing. They wanted to be the first country to become money-free, and they are doing it by explaining to the citizens how principal contactless payment is.


Despite the rising popularity of the platform in Europe, the United States has a different story. In America, most people still rely on their credit cards. Only a small portion of the population use contactless payments, but PSI Pay said that it would change in the next few years as they are doing their best to educate the American public on why contactless payment is much better. There is also a growing interest among the older population about the use of contactless payment, and the company believes that in ten years, the United States would also follow what Europe is doing, and they will also drop the cash and the credit cards in favor of contactless payment.