Contactless payments may hold the future of eCommerce transactions. The technology has advanced to an extent where it is becoming easier to complete financial transactions using smart phones and high-tech wearable such as a ring. The success of contactless payments is evident by the rate of growth in the industry. For instance, major players like PSI Pay and its affiliates continue to post substantial profits, which is a proof of increasing consumer interest from both consumers and financial sponsors.
According to recent industry statistics, online payment has taken over traditional payment methods in the United Kingdom. Interestingly, one-third of such payments are contactless payments, pioneered by PSI Pay and its affiliates. To protect the customer, most vendors and banks linked to these vendors, limit the payment to a certain amount. In the U.K., the contactless payment amount rarely exceeds 30 U.K. Pounds. However, the trend may change in the coming years as “wave and pay” phenomenon continue to increase.
The contactless payment is sometimes referred to as “wave and pay” solution, where consumers just need to contact their smart phones or rings with point-of-sale terminals using RFID and related near-field technology. As a result, anyone can save plenty of time without using PIN and other security features to complete a transaction. For businesses and retail stores, such technologies mean that they can quickly process payments.
PSI Pay is the largest regulated Fintech company operating in the United kingdom. Despite its size, the company is well-known for introducing new high-tech gadgets and technologies. In 2015, PSI Pay reported an annual increase in its income by almost 29 percent as the volume of business also increased to 45 percent. These numbers are even more promising considering that the company had announced a 15 percent increase in revenues and 43 percent gross profits, the previous year, in 2014.
To strengthen the existing business model, PSI Pay has undergone a strategic overhaul, which includes forming relationships with new business suppliers, extending affiliate promotions, and introducing new products. Accordingly, the Managing Director of the company, Phil Davies, acknowledged that the boom in sales is directly related to effective promotional campaigns of the company. These campaigns are backed by innovative ideas and dedicated employees. In fact, Phil applauded the payment card program sponsorship, which has enabled PSI Pay to develop a unique business model, beneficial to its suppliers. For Phil Davies and his team, recent developments are signs of great optimism for the company, which will allow the team to continuously develop new contactless technologies.