Although digital wallet accounts play similar roles like the physical wallets, many people all over the world still find it difficult to comprehend the need of a digital wallet. Digital wallets tend to provide a single appropriate place for keeping cash, credit, and debit cards as well as loyalty cards. These wallets promote security and at the same time enable the user to have one mobile phone in place of many cards and papers. However, digital wallets very depending on consumers practices from different parts of the world. The European wallet for instance holds bank balances and has the ability of carrying multiple currencies like euros and pounds.
The European-style wallet can be used in place of conventional bank accounts. Many consumers as well as small companies are currently using digital wallets to carry out all of their financial transactions. One has to be in an area where many retailers and service providers admit mobile payments in order to reap the benefits of alternative banking. EcoPayz and PSI Pay are good examples of the European-style wallet in the United Kingdom. PSI Pay is a banking solution that enables members to deposit and withdraw money from the banking network. It currently operates in 173 countries and deals with 44 currencies. The banking solution company is among the best banking alternative companies in the United Kingdom.
Recently, PSI Pay partnered with Kerv, a leading innovator in the alternative payments domain. The collaboration uses PSI Pay’s Master Card license that enables users of the contactless payment services offered by Kerv to pay money in 38 million sites globally. Kerv users will now have the ability of funding their accounts using the credit or debit card, PayPal, or ban transfer using either a manual or an automatic top up service. The users can also carry out online or in-app purchases using their virtual cards. The Kerv contactless payment has won several awards including the Temenos Innovation Jam. The new mode of payment developed by the two alternative payment companies is not only convenient but also revolutionary. It has been embraced by many customers all over the world.