PSI-Pay: Contactless Payment Methods Override Coins and Notes

It is 2018, and most people can expect the further use of contactless payment with debit and credit card enabled payment channels. Therefore, this would mean, the strategy implemented by most non-banking platforms will satisfy their needs in many ways including working with merchants, institutions and varied consumers including vendors. Moreover, as the year’s turn, over 650 millions NFC-enabled smartphones are expected to take a contactless diversion by adopting the new niche.

Background Information

Therefore, the British Retail Consortium believes that half of the purchases in the country are conducted by using credit cards. Moreover, the recent reports released by the PSI-Pay management and Kerv Wearables, its affiliate indicate that the cashless payment methods will vastly dominate the market. For that reason, the two companies have been championing the use of cashless channels of payment through combined efforts. Moreover, the duo is set to release the significant contactless payment ring with the intention of injecting this revolutionary payment method to the industry.

Paperless Money Conquers

Possibly, it is time to ditch to wallet payment methods and the hassle of having to think of and remember your PIN number every now and again. Additionally, the rising number of retail stores in the United Kingdom makes consumers turn to contactless payment methods as the only solution to make faster payments. Other than that, the United Kingdom’s coin industry is experiencing an overriding game that is taking over all coin worlds as the contactless channels of payment pose as a threat for the other sectors.

The Church of England Adapts Payment Method

If you think that the contactless payment method is all about business and how it can thrive in new markets, then perhaps you are wrong because even the Church of England has adopted the payment method and is now implementing it. Moreover, it is being piloted through electronic collection terminals across forty churches. What is even worth looking at is the fact that this payment method is being used to collect church donations. Perhaps this is the onset of the paper cash use, right?

Coins and Notes are Overthrown

For the first time in the history of the United Kingdom, paperless money is now overtaking coins and notes. For that reason, Kev’s contactless payment method has poised as a threat to many traditional transactions.

More about PSI-Pay

PSI-Pay is a United Kingdom-based company that provides sponsorship payment solutions for businesses and individuals through an FCA institution of regulations. As a leading Fintech company, it has been a significant member of the MasterCard Business Solutions since 2009.