PSI-Pay Ltd, a leading e-wallet and payment card issuer, has today announced that users can now make contactless payments with its cards in conjunction with MasterCard's PayPass functionality.
The PayPass offering allows holders of PSI-Pay's payment cards make purchases for £20.00 and under by tapping the MasterCard or Maestro-enabled card or device over a reader.
MasterCard's PayPass technology is integrated with layers of protection to help prevent unauthorised purchases and contactless payments can be made via cards, and enabled wristbands and watches. Contactless payments are made using a unique encrypted code to secure data and safeguards are also in place to bill only one in case a user taps their card or device more than once by mistake.
Phil Davies, Managing Director of PSI-Pay, states that this latest announcement from PSI-Pay demonstrates further confidence being seen within the contactless payment market.
"Contactless payments is an evolving technology that possesses numerous opportunities for retailers, advertisers and marketers alike. As awareness increases amongst consumers we expect adoption to fall inline with the predictions from analyst firm Gartner which expects to see contactless payments reach $22bn by the end of 2016."
Phil concluded: "As a world-leading payment card company, one of our main objectives is to keep current when it comes to market trends. Becoming a MasterCard authorised PayPass provider is a natural step for the company to cater for the growing popularity of contactless payments and we are glad that our users now have the capability to do this in a secure and reliable way."