It’s common place for transfers to and from a traditional bank account can take hours, if not days to complete. The days of the old or on their way out, thanks to Digital wallets. In Europe, Digital Wallets allow consumers to carry multiple types of currencies, including cryptocurrency, in business since 2007. At the blink of an eye, thanks the speed in which the technology dealing with Digital wallet function. Customer can link credit or debit cards to their wallets, to withdraw cash from ATMs or they can pay directly with their wallet.
Digital wallets comes in many different forms, some are completely software based. PayPal is a prime example. They can also possess a physical component such as the Kerv Ring in partnership with PSI-Pay. Transaction in store are then performed quickly, securely and conveniently. Customers no longer have e to carry a number of card, and instead, their smartphone or wearable of choice suffices.
In the United State, Digital Wallets are more often found in our phones or smart watches. They offer many if the same benefits of what’s found in Europe, but their are difference.
Europe’s Digital Waller makes it possible to only have a Digital a Wallet, where they act like a checking account, but without the regulation. There are basic practices in place, but they are more common practices among fintech. Digital wallets in the United States, however, are more extension of an actual checking account with a regulated financial institution.
With their differences aside, the overal industry is expanding. PSI-Pay, in 2015, reported their best quarter with volume up 30%, and it hasn’t slowed since. This fact would mean that PSI-Pay and its partners are on their way to playing a big role in a growing space. EcoPayz, another PSI-Pay partner, brings over 10 years of experience when it comes to fintech and cryptocurrency.
The only problem, at least in the United States, is adoption among retailers to incorporate contactless POS equipment into their stores. In Europe more places support it, because it’s seen as a way to safeguard against retail data breaches. Something consumers are gravitating towards in their preference of payment methods.