PSI-Pay is an e-money (electronic money) foundation that gives Partner Sponsorship installment arrangements. The organization empowers companies to deal with their projects with the assistance of an entity that is FCA-regulated. The organization has been a key Visa Member from 2017 as well as a key Issuing member of the Master Card globally as from 2009. PSI-Pay has been active since 2007, issuing payment answers for businesses worldwide.
It prides itself on giving proficiency, clarity, and transparency to its clientele. The first contactless payment ring worldwide is one of the benefits that came from the collaboration of PSI-Pay and Kerv Wearables. Individuals who work with this organization can withdraw or deposit funds from any local bank network over 173 nations in 44 currencies.
E-money is the storing of common currency electronically with the backing of fiat money has regulated by a central authority most likely a central bank. Clients are required to open an electronic money bank account through a platform like ecoPayz, which has direct links to common currency which can still be used in online transactions. It is used in conducting electronic transactions with the aid of an app. However, prepaid cards connected to a customer’s account can swap for physical currency.
The licensing and the registration of the electronic money is authorized by the FCA for example in the UK. It holds its practices independently and earns its profits capabilities by charging its members fees in the financial field. The ecoPayz (eWallet services) is also part of the PSI-Pay organization. It is not FCA regulated, but its authorization to work as an e-money company was obtained by PSI-Pay in 2011.
In early 2018, the Revised Payment Service Directive (PSD2) of the European Union changed the methods of financial transactions over the SEPA (Single Euro Payment Area) with the intention of increasing competitiveness in this payment sector and elevated non-banks’ participation. ecoPayz eWallet users can make cross-border transactions within the SEPA surrounding due to it following the PSD2 guidelines.
On Wednesday 02 March 2016, the organization was proud to announce that 2015 was their best year. In 2015, the company declared a 15% increment in revenue and also 43% gross profit for the year 2014 and a year later made a declaration of 29% increment in business volumes, 45% up in income revenue and an up of 5.5% on pre-tax profits. Phill Davies, the Managing Director, narrated that it was all thanks to a team effort.