PSI-Pay is an FCA controlled payment resolutions that provide for corporates and individuals payments. It offers online accounts as well as cards to facilitate and enhance the global economy. The contactless payments utilize smart cards and credits cards as forms of making payments for the goods and services. Therefore, PSI-Pay is an organization that offers such contactless payment services. These services are much secure since they use NFC or RFID technology. For appropriate use of contactless payment services, customers are advised to tap their cards or rings to terminals of sales. As such, the usage of coins and notes in the United Kingdom is a foregone practice to the extent that even the Church of England has adopted such technology.
The church has piloted the electronic collection terminals in its forty-affiliate churches to collect donations. The British Retail Consortium has reported that almost all transactions are done and facilitated by the credit cards. PSI-Pay and Kerv Wearables its associate company announced that the cashless payments dominate the modern market. The dualistic companies are the cashless payment champions in the global market.
The United Kingdom cards association released a report that more than 108 million contactless cards were delivered and about half a million bank, owned terminals had been established to facilitate such transactions. As such, PSI-Pay was the leading option. The company operates on its policies based on transparency, efficiency, and clarity and it was licensed in 2011 under the European Union money controllers. The company was registered as such to supply electronic money. PSI-Pay collaborated with the master card in 2009, and therefore PSI-Pay offers the MasterCard services.
Customers have greatly shifted to the company services. Customer security is guaranteed as the company has deployed ‘ECURITY’ to mitigate and counter any irregularities and illegal activities that may result in its usage. Contactless payment has a security feature like PIN and chips with other layers of embedded security enhancements. Again, Kerv rings are turned on and off for every transaction, and Kerv ensures balance notifications. As such, the user can easily monitor her/his transactions using a smartphone or by the use of the banking app.