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.
— PSI-Pay (@PSIPayLtd) August 24, 2015
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.