PSI Pay has lead a new technological effort that suggests that paper currency could one day be eliminated from use, and perhaps digital and contactless payments will inevitably become the evolution of paper currency. This is becoming more and more possible as technologies are enhanced and efficiency within the financial industry is established. It seems entirely possible that over the course of the next few decades, that a slow, but steady transition to contactless transactions will take place.
Crypto currency could potentially compliment the chances of this happening sooner rather than later, especially since most popular crypto currencies require digital wallets similar to the concepts that PSI Pay already supports and offers to the public. PSI Pay offers alternative ways of handling these types of transactions by eliminating the third party for handling information in regards to the transaction, the process solely includes the money and the account intended to be associated with it.
As this technology is integrated into more platforms, it is likely that the adoption of this format will take place. It’s hard to imagine the day where paper currency is deemed to have zero value in comparison to a digital card or virtual wallet, but the world has adapted in the past, and it wasn’t too long ago where cell phones were a thing of science fiction. In today’s world, a cell phone is pretty much a necessity, and it’s possible that digital transactions and contactless transactions could be apart of that as well at some point.
When this transition happens, it appears that PSI Pay will lead the way, and perhaps even set the pace in which the transition happens. They already have a significantly advanced platform compared to many alternatives, and it’s hard to imagine anyone surpassing them in this particular field at any time in the near future.