Category Archives: e-money

PSI Pay: The E Money Solution

PSI Pay is a major contender in the electronic money world. But one must first understand what is electronic money or most commonly referred to as e-money, to be able to fully understand what PSI Pay is offering and how the company is converting the traditional paper tender to digital.

E money stores conventional money in an electronic storage. Fist currency backs the storage and is regulated by an authoritative institution like a central bank. The storage requires users to create an account of electronic money. This money in the account is used for online financial transactions but is connected to traditional currency. E money is typically used through computer and mobile applications. However, most of these apps offer the option of having a prepaid card to be link to the app. Those funds from the prepaid card can be exchanged for paper money.

The key features of electronic money is what draws so many people to using this form of currency to conduct purchases. An eWallet is rather similar to a regular wallet. These electronic wallets can be loaded with money from a credit card of bank account. These wallets are typically free of charge. Using a eWallet is a secure method of conducting business online without having to go through a bank. Some eWallets allow for users to withdraw cash from ATMs.

E money and eWallets are safely secure and regulated by the government. In the United Kingdom, the FCA is the authority that regulates these electronic forms of currency. This regulating body issues the e money to qualifying institutions. The eWallet mentioned throughout this text is apart of the PSI-Pay family. PSY Pay has been licensed to be a legal institution offering e money ever since 2011.

PSI Pay offers Partner Sponsored payment solutions. The company has been around since 2011 and is an issuing member of Mastercard and Visa. The company allows for users to be able to deposit and withdraw money from 44 currencies throughout over 100 countries. The financial company has partnered with a wearable technology company to create the first contactless payment ring.