PSI Pay: E-Money & E-Wallets
PSI Pay has developed an intriguing application that allows its users to make transactions through electronic money. Electronic money is becoming big because of its efficiency and convenience. Electronic money is basically where money is stored in an electronic storage. An authority like a bank monitors the e money, and the e money is backed by fiat currency. For users to use this feature by PSI Pay they must create an account with the company. Then users are able to use this e money to make online transactions just as you would use conventional currency to make a transaction.
PSI Pay has created an eWallet called ecoPayz. This eWallet functions closely to how a regular wallet functions. This free service allows for the eWallet to be loaded with money from either a bank account or bank cards. This eWallet allows for funds to be transferred between accounts without having to go through a bank. This eWallet is special in how many electronic wallet providers do not have a system in which funds can be withdrawn. This eWallet allows for users to be able to get money from an ATM.
It is very easy to get e-money confused with cryptocurrency like bitcoin. But there is a difference between the two. Cryptocurrency involves peer to peer exchanges. It is not backed by fiat currency. Purchasing cryptocurrency involves using a platform like Coinbase. The cryptocurrency is not actually stored anywhere. These few differences make a huge difference in how e-money and cryptocurrency are both growing in popularity but function very differently.
PSI-Pay is leading company that specializes in electronic money. The brand also offers Partner Sponsorship solutions to payments to users. PSI Pay is also opened to helping business owners handle financial needs through the usage of electronic money. Business owners can manage their programs on this platform. This e-money FCA-regulated company is an issuing member of two card services: Mastercard and Visa. The company has been with Mastercard since 2009 and Visa since 2017. The company began in 2007 by offering payment options in 44 currencies and 173 countries to businesses worldwide.
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