Many people have started using an “electronic wallet” when paying bills or making purchases. In Europe, much of the population has been using one digital device to replace the numerous cards and paper used for paying bills or to prove membership in loyalty programs. PSI Pay is one such company that has been working to perfect the electronic wallet. In Europe, electronic wallets usually carry cash as well as different forms of currency. Multiple bank accounts can be linked to one electronic wallet. PSI Pay offers. Numerous benefits beside the obvious ease of use when working with an electronic wallet. Security is usually enhanced more with an electronic wallet than with a standard bank account.
Now the few downsides with this system is that the companies that offer this electronic device are not usually insured by the Federal Government in case of lost or stolen information or currency. Any transaction disputes would have to go through the electronic wallet issuer and issuers do not offer any type of earned interest while using their service. Though, with the low interest rates offered through most banking institutions some consumers see this as a moot point. PSY Pay is taking the electronic wallet a little further and even more convenient. They have teamed up with Kerv to release a ring that can contain all of your financial information. It’s one of the first of wearable “payment” pieces available anywhere.
— PSI-Pay (@PSIPayLtd) February 10, 2016
Electronic wallets are very popular in European countries while being less popular than with older Americans. The payment ring has exceeded its 2015 Kickstarter expectations and has won several awards including, the Temenos Innovation Jam. This wearable payment option is expected to gain in popularity as PSY Pay has been recording a 30% gain in new users and has been growing steadiliy since 2015. To read more about wearable paying options, please click here.