As one of the United Kingdom’s leading financial technologies, PSI Pay was formed in 2007 and it has been growing strong since then; obtaining an authorized Electronic Money Institution license in 2011 to operate in the European Union, and offering debit and prepaid payment cards through its Mastercard services since 2014 all over the EU as well.
In a world that is becoming reliant on credit cards for payments of goods and services, PSI Pay has established a system that is making them a name to reckon with. With this reliance, comes the contactless mode of payments, doing away with the traditional transaction methods of using hard cash and security systems of relying on PIN numbers.
PSI-Pay says that 2015 was the company’s best year and with a 29% increase in business volume and a 45% in income revenue. This level of growth brought with it more partnerships which in turn has meant more investments in better and efficient technologies. One of the partners is Visa when PSI Pay became a Principal Member in 2017.
As a leading crusader for contactless payments, PSI Pay talks about the new mode of transactions being the future, and that statement has been proven in the UK where for the first time in history, the transaction using coins and notes has been overtaken by the use of credit cards. It is a rise that has been growing since 2015 which as mentioned earlier, happens to be the year the company registered its best ever returns.
Given that there are many companies dealing with card services, PSI Pay has decided to be innovative in how they conduct their services. Through an affiliate of theirs by the name of Kerv, they design proprietary cards that are durable, fashioned for both sex, withstand damage and scratches and which also come in twelve different sizes.
Through Kerv, PSI Pay has also made sure to secure their contactless payments through technology by the use of Near Field Communication (NFC) and RFID technology. With this, all a consumer needs are to tap his card to a sale terminal with no need for a PIN or a signature. And with it being as simplified as that, it is clear to see why PSI Pay believes they are the future.