Ann Nolan

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PSI-Pay: European Banking

Europeans use digital wallets because they contain their balance, the convenience of linking their debit cards to may withdraws at the ATM, while also being capable of having a variety of currencies (pounds & euros). Some people close their checking accounts and depend directly on European-style wallets, but it is best to live in a region where retailers and providers accept mobile installments. Moreover, many governments do not insure mobile wallets (like Paypal, Venmo, and the European Union), however Google Wallet is covered by the Federal Deposit Insurance Corporation. And it is illegal for mobile banking to pay interest or offer loans to users.


An example of European wallet banking is EcoPayz with its free sign up service and its VIP members pay lower fees and get several features. It charges a credit card fee that is percentage-based, nevertheless, deposit with other currencies and bitcoin is not charged a fee. Users can also use a prepaid EcoCard for payments to access their mobile bank. And Fintech’s PSI-Pay is managed by the UK Financial Conduct Authority, so users have less concerns about using their mobile banking. And PSI-Pay can disburse prepaid cards to companies through Mastercard’s consent.


The American digital wallet (examples: Masterpass, Walmart Pay, and Samsung Pay) usually does not carry money and users do not usually deposit money, for American link their credit and/or debit cards to their digital banks for purchases. It protects users’ information and decrease chances of users’ wallets from getting hacked. Americans become interest in digital wallets because of the speed of the transactions, instant payments, and the acts of freezing their accounts, but Americans still are less interested in mobile banking compared to Europeans.


Europeans’ use mobile banking for several purchases both online. and offline. It is easy to use via smartphone and easy to pay at restaurants without handing a waiter their card. Moreover, users can link gloves, bracelets, watches, or pins to their digital banks/accounts. U.K. citizens can use a Kerv Wearable zirconia ceramic ring to pay businesses; allowing users to not carry smartphones, use a signature, or enter PINs to complete online or offline transactions. Moreover, users can deposit in their mobile wallet, PayPal, or bank. They are partners with PSI-Pay and affiliated with Mastercard.


The European and American digital banking as well as contact less and wearable devices provides protection and quick purchasing even though they both do not offer the same advantage. Creative businesses like PSI-Pay, EcoPayz and Kerv continuously work to improve personal finance for a more suitable and inexpensive experience for everyone.