Digital wallets have no reached maximum popularity for one major reason. People still don’t fully understand the conveniences and advantages of using one. In practice, a digital wallet works exactly as a physical one. It is a convenient place to store cash.
These wallets are thriving in some European countries. Many people in these countries use digital wallets on an every day basis. They can withdraw from ATMs, make purchases at stores and restaurants, and even accept payment for their own goods and services. These people fund their digital wallets via transfer from a normal checking account or with credit cards.
Digital Wallets don’t offer all of the services as a bank, but in Europe, a digital wallet can enact most of the everyday banking services. Smaller companies could even operate their entire business from a digital wallet.
EcoPayz is one of the digital wallets available in Europe. This service is free to sign up with. Even though the s standard version of EcoPayz is free, there are five different levels of subscriptions offered. Users can choose to purchase a variety of additional services via these subscription services and make payments from a wearable ring.
PSI-Pay is another European company, and it is regulated by the United Kingdom’s Financial Conduct Authority. With such government observation taking place over PSI-Pay’s business, users of digital wallets feel a sense of security. PSI-Pay saw a 30% increase in business volume back in 2015.
PSI-Pay and Kerv recently decided to link up in order to create a contactless payment ring. This partnership uses PSI-Pay’s license with MasterCard to enable users to make payments in 38 million locations all over the world. Users of Kerv are now able to use their MasterCards to fund their accounts and transfer to normal bank accounts.
“With Kerv we are creating a unique, new payment device,” began Phil Campbell, the founder of Kerv. “Not only with a more convenient, personal form factor but extending its capability beyond payments, to transport, data sharing and access control.”