For some, the idea or concept of a digital wallet is still tough to understand. In essence, a digital wallet is an app on your phone that stores payment methods, such as your credit card, so that you can purchase goods with your phone and without having to carry a wallet. Digital wallets, such as PSI Pay, can store more than just ways to pay, such as loyalty cards or other rewards programs. This is more convenient than a traditional wallet, and more likely to always be on your person. Obviously, the exact makeup of an individual’s digital wallet will vary based upon their country and geographical location.
In Europe, most PSI Pay digital wallets have cash balances and have the ability to switch between various European currencies. These cards can be linked to bank accounts or debit cards – and even withdraw from ATMs. With the European style wallet, however, they can be used as a bank alternative in some cases, as the digital wallets deal with disputes and other issues that can arise. Companies like EcoPayz or PSI Pay have been in business for nearly a decade in Europe and have been granted permission to issue electronic funds. These style wallets, however, are significantly different from the American style wallets.
Unlike the European style digital wallet, the American method of digital wallets does not have the ability to issue or deal with electronic currency or funds – nor does it have the capability to use different currencies. Rather, they are exclusive to the American dollar. Once signing up for a digital wallet in the U.S., a consumer will link their credit or debit card information through the app. Essentially, this is a middle man in American purchases, but it is not entirely without utility. This middle process of purchase allows for an extra layer of security when making purchases, making it harder for illicit operators to attempt to steal a consumers information. In the near future, PSI Pay hopes to bridge this gap and integrate to both markets, to provide a streamlined and secure solution for consumers worldwide. In addition, the expansion to wearable mobile devices further streamlines the process. To know more about PSI Pay visit glassdoor.co.uk