PSI Pay Makes Life Convenient for its Customers
According to PSI, there are a couple of differences between Bitcoin and E-Money. Bitcoin was first launched in 2009, and it has grown in popularity since then. It has also been confused with e-money which is a popular electronic money system that is widely used around the world. Cryptocurrency and e-money are not one and the same, and they utilize different institutions as well as different business practices in order to run smoothly.
E-money is basically an electronic storage of money that is backed by a regulated currency. A central bank normally handles the currency and requires its users to use an electronic money account using a service such as ecoPayz. E-money is mostly used to do transactions using an app, but funds can also be exchanged using a prepaid card that is linked directly to the account.
Bitcoin is considered to be a cryptocurrency that uses peer-to-peer exchanges. It has no overseeing authority and transactions are authenticated by a network of computers. The value of Bitcoin goes up and down depending on the trust of the cryptocurrency which is decided by the public. It is also an alternative to fiat currency and is not printed like fiat money. It is mined by a global network of volunteer computers and is estimated to be limited to 21 million. This ensures that it is not affected by inflation.
Cryptocurrency if not like fiat currency and is similar to a forex exchange. Coinbase is a popular one, and it works as a platform and a digital currency wallet that can actually store cryptocurrency.
e-money is regulated by the FCA and is in charge of issuing money to licensed and registered institutions. It is independent of the U.K. and charges fees to its members. ecoPayz isn’t regulated by the FCA, but PSI-Pay is authorized as an electronic money institution.
PSI-Pay enables many different businesses to manage their programs and is a Principal Issuing Member of Mastercard. PSI-Pay has been working since 2007 and has worked with Kerv Wearables. Members of PSI-Pay can deposit and withdraw funds in 44 currencies and in 173 countries from the network as well.
eWallets work much like your typical wallet, and there are many eWallet services which allow your bank account to create an online wallet. This also works with credit cards. They are normally a free service and gives customers the option to withdraw funds from ATMs.