PSI Pay is a contactless payment provider based in the United Kingdom. They are helping to provide a secure way to pay for products and services without cash. Since 2007,PSI Pay has provided this service to businesses locally and internationally. The company is regulated through the British government’s “Financial Conduct Authority”.
This allows it to provide electronic money and prepaid accounts worldwide. Customers in 170 nations will have access to PSI Pay services.
The contactless service provider, PSI Pay, offers its customers the opportunity to pay with credit, debit or smartcards. These transactions are secured by NFC (Near Field Communication) or RFID Technology. The company has also taken steps to deter fraud. They have a zero liability policy for card holders if unauthorized use occurs. There is also a limit on how many transactions can take place within a certain amount of time and distance. In some areas money spending limits have been put in place for more protection against unauthorized use.
In 2009 PSI Pay became a Principle member of Mastercard, this has allowed the company to offer Pay Pass Programs. The programs include virtual cards, debit and prepaid cards. These services are available for organizations and individuals worldwide.
In a combined effort with Kerv Wearables, PSI Pay helped release a first of it’s kind contactless payment ring. Due to PSI Pay’s Mastercard license customers will be able to use their new contactless payment rings in various locations around the world. Customers can also deposit money into their contactless payment accounts through debit or credit cards, bank transfers or Paypal. This can be done manually or by an auto top-up service.
PSI Pay offers customers worldwide the opportunity to pay for products and services without carrying or using cash. Using credit, debit, smartcards or the contactless payment ring customers can pay for what they need to securely.