PSI Pay is a company that is helping to improve the way that people send and receives payments across the world. This company makes it incredibly easy for someone to withdraw and deposit funds from global banking networks. In fact, this company is currently able to handle 44 separate currencies across 173 countries. However, many are still confusing this company’s e-money platform with that of bitcoin.
Differences Between E-Money and Bitcoin
E-money is a type of currency that is backed by some type of financial authority. In most cases, this type of financial authority will be a central bank. While e-money can be used entirely online, it is still backed by actual, physical currency. On the other hand, bitcoin is a type of currency that relies solely upon P2P or peer-to-peer transactions. Another difference between bitcoin and e-money is that the value of the former increase based on demand. On the other hand, e-money doesn’t fluctuate based upon this factor.
PSI Pay’s Phenomenal Recent Earnings
It’s understandable to what to know more about this company. Statistics show that 2015 was an incredible year for PSI Pay. It was during this year that this company reported a 29% increase in business volumes when compared to data from 2014. In addition, this company reported a 45% increase in income revenue while pre-tax profits increased by 5.5% when compared to figures collected from the previous year.
To summarize, PSI Pay is a company that utilizes what is known as e-money. This type of currency is different from bitcoin but often confused with it. It’s important to note that e-money is backed by financial institutions while bitcoin is not. Since e-money is backed by actual currency, you don’t have to worry about constant value changes commonly seen with bitcoin. Electronic money is backed by the Financial Conduct Authority, another quality that bitcoin currently lacks.