PSI-Pay is a well respected financial service in the United Kingdom. They are run by the UK Financial Conduct Authority, and are a perfectly legal business to conduct transactions with. The company believes in empowering the consumer to do whatever they please at any given moment. A recent article on the website Medium discusses recent advances in payment transaction processes and how PSI-Psy fits into the picture.
There is little doubt the pace of technological advancement has exponentially increased in recent decades. Every single industry is trying to stay on top of the latest trends, but the payment industry especially has evolved substantially. Physical forms such as cash and checks are rapidly declining in favor of smartphone and wearable accessory items. The easy accessibility and speed of the transactions makes these new services very attractive for consumers. This also creates a lot of competition between payments to see how can out perform the others in usage and services.
One of many reasons why younger consumers prefer newer methods is due to the fees of traditional credit card or check payments. That concept is just unappealing to the young generation. In the 2016 fiscal year, digital transactions accounted for $3.6 billion globally. However, in the rapidly changing business environment, smart speakers are quickly rising to the top. Consumers would only need their voice when making an order. The power of AI programs is shaping the transaction industry just as much as other sectors of the market. The long-term future is very much up in the air, and PSI-Psy is trying to shape that future.
In the modern digital age, consumers want transactions that are fast, painless, and involve low effort in the process. Having to pull out cash or swipe a card with button simply doesn’t appeal to the young consumers. Companies such as PSI-Pay are leading the charge in connecting young consumers with the technology they prefer to use. Just a click on the phone or the swipe of an accessory fulfills the transaction process they desire.