Banking is not a new concept, it started many decades ago. Banking involves financial institutions such as commercial banks that mainly accepts deposits and gives credit to its clients. The borrowers get into a legal agreement where they are obligated to pay a certain amount of borrowed money back with interest. The consideration in this agreement is the interest payable by the lender. The lender is normally required to offer a security to the lender, however, with the various developments in technology, paperless banking is being adopted by various institutions. Borrowers are now able to request a loan remotely without stepping into the bank. Failure to repay the loan, the lender is permitted by the law to sue the borrower or sell the collateral provided during the making of the agreement.
— PSI-Pay (@PSIPayLtd) April 28, 2016
PSI Pay is one of most innovative financial services providers in the United Kingdom. The company has launched products such as the digital wallet, a product that has changed the financial industry. Individuals have embraced the use of cards to transact, PSI Pay’s digital wallet allows the replacement of the various cards with one device which the customer can use to make various transactions from the device instead of carrying all their cards. With the digital wallet, their clients can perform their various transactions more securely as they do not have to carry cash around. The product was received well by the customer and it’s use it increasing with time. When it comes to finances, individuals value security. Scholars have urged the entrepreneurs to come up with products that suit the needs of their customers, PSI Pay identified the need for more secure transactions by their customers and that is one of the reasons why the company has grown over time to become a market leader in the banking industry.
The digital wallet has also revolutionized the banking industry by allowing the customer to hold several currencies in one device. One of the main reasons why the number of users of the digital wallets has been increasing overtime is that it allows the customers to convert various forms of funds into their desired form. For example using the cryptocurrency funds to use them in a food store or other shopping outlets, hence more convenience. Scholars have always stressed the need for firms to partner with others in their effort to grow. PSI Pay has continued to partner with other firms to provide more innovative products to the consumers.