Change is the only static element within the society. Nobody in his right frame of mind could think at one point in life would put aside physical money for the contactless option. However, change has occurred, and more than half of all the payment in the UK is done through contactless money. Use of the contactless money is gaining pace, and for the first time, it has overtaken the use of traditional currencies. The British Retail Consortium says more than half of the purchases in the country are using credit cards. Notably, the effort by PSPI-Pay and other affiliates such as Kerv Wearables indicates the possible increase of dominance of contactless cash over the coins currency.
To achieve the expected dominance of the contactless currency, PSI-Pay has combined effort with other players in the sector to develop the first contactless payment ring within the international market. Thus in the coming days, be prepared to say goodbye to digging into your wallet to make payment or punching your PIN number and embrace contactless money since it’s here to stay. One of the indications of the changes in the mode of making purchases is that for the first time in history cards have overtaken the use of notes and coins. Churches and other institutions have not been left behind since they have taken part in the piloting of the electronic collection of donations.
The success of the launching the contactless payment is as a result of effort and investment by PSI-Pay. Due to the embrace of the contactless money by the market, PSI-Pay experienced the best financial year in 2015.PSI is one of the leading UK tech companies regulated by FinTech companies. The success in the market has enabled the company to undertake strategic overhaul, forge new and robust relationships with other stakeholders in the industry and further its technological capabilities for better security. In the financial year of 2015, PSI experienced an increase in business volume by 29% and pre-tax profits by 5.5%. According to the PSI Managing Director, Phil Davies, the increase in profitability can be attributed to the professional promotional campaigns, launching of new exciting products and expansion into the international market.
SWball August 7, 2018
Posted In: Business