PSI Pay has been around since 2007 and has been a Principal Visa Member since 2017. It has also been an Issuing Member of Mastercard since 2009. PSI Pay is a transparent, efficient and offers clarity to its customers. The company has worked hard in order to produce the first contactless payment ring as well.
Bitcoin was first launched in 2009 and has grown substantially since then. Often Bitcoin and e-money are confused. e-money and cryptocurrency are completely different and rely on different institutions. They also follow different business models.
e-money is a way of storing money electronically and is backed by flat currency. It’s typically regulated by a main bank and requires users to create money account that is electronic that uses a company such as ecoPayz. It is also linked to conventional currency and transactions are conducted electronically through an app.
Bitcoin relies on peer exchanges and is a cryptocurrency. Its transactions are looked over by a network of computers, and its value fluctuates based on the demand and trust of the public.
It is an alternative it fiat currency of Bitcoin is not printed the same way as fiat money. Bitcoin is mined by a global network of volunteer computers and Bitcoin is limited to 21 million.
Buying Bitcoin requires a platform very much like a forex exchange. Coinbase is a very popular platform for trading varied types of digital currencies and cryptocurrencies. Obtaining a digital wallet is free usually, and once you have a wallet, you can utilize a debit or credit card to buy Bitcoin.
Bitcoin isn’t stored in a completely digital currency, and transactions are conducted using public and private keys. A private key is your digital wallet that lets you conduct Bitcoin transactions in a public ledger. For security, digital currency wallets are encrypted and go through many authentication protections.
The FCA regulates e-money and authorizes the issuance of electronic money to registered and licensed institutions. It is financed through fees to members of the industry. PSI Pay has received its authorization to serve as an electronic money company in 2011. PSI-Pay adheres to PSD2 which allows eWallet holders to conduct their payments.
PSI-Pay helps businesses to manage their platforms with the assistance of an FCA entity. At the moment there is limited regulation of cryptocurrencies, and in the United Kingdom, the Financial Conduct Authority has opened numerous investigations concerning the cryptocurrency business.