Some people wonder what the purpose of a digital wallet is. As PSI Pay explains it, their purpose is to be an updated version of a physical wallet without the downsides like being lost or stolen. Inside a digital wallet a person can have quick access to things such as their credit cards, debit cards, and store loyalty cards. They are more secure than a physical wallet can be and make things more convenient by not having to carry all of these cards around plus cash as well. Consumers around the world have different practices when it comes to digital wallets, though.
In Europe it is common for people to have cash balances inside their digital wallets. They are able to have a number of different currencies in these wallets, most commonly the Euro and the British Pound. They link their debit cards to their digital wallets and this allows them to get money from ATMs but most people skip this step and instead just use their digital wallets to pay for things in stores.
One thing that PSI Pay cautions about is that people should keep a conventional bank account and not rely entirely on their digital wallets to pay for things. Some places don’t accept mobile payments, for example, so a regular debit card or cash is needed if you want to buy anything from them. PSI Pay also says that people shouldn’t carry big balances in their digital wallets because it’s not insured by the government in most cases. Additionally, money in a digital wallet doesn’t accrue interest.
PSI Pay, a United Kingdom company in the fintech industry, recently partnered with a startup tech company called Kerv. Kerv created a device that is worn on the wrist. They can wave their wrist close to a sensor in order to pay for things and the money comes out of their digital wallet at PSI Pay. The managing director of PSI-Pay, Phil Davies, said that Kerv is a really innovative company and he was proud to partner with them. He said their device was unique, durable, convenient, and secure.