Wearable Technology: The Eve of Convenience and Profit
A recent study conducted by the British Retail Consortium reported that a little more than half of all transactions in Britain are made using credit cards. The two companies behind this increase in credit card transactions are PSI-Pay and it’s affiliate Kerv Wearables.
Why are people choosing to pay with credit cards instead of physical coins? It is simply the convenience of a quick pay and goes versus ruffling through pockets trying to find the exact change. Kerv Wearables has also introduced a line of rings that take that convenience even further! You simply hover your ring over a credit card reader and you’re done. It is the new wave of what is called “wave and pay“.
— PSI-Pay (@PSIPayLtd) February 10, 2016
This ease of payment has even caught the attention of the church. A portion of their churches has now upgraded their collection practices by using collection terminals, allowing people to donate using their wearable devices. The excuse of I don’t carry cash so I can’t donate during the collection is a thing of the past. Contactless payment is not limited only to rings, on the contrary, more wearables are being developed as we speak. Today, however, a person can use their card, smartphone and any other wearable that is compatible with the system that PSI-Pay has provided.
What are the benefits of adopting this method? The pros are clear as day, first, we have the opportunity to open the world market to more individuals as payment transactions can be done practically overnight, eliminating currency exchanges and other third parties. It decreases waiting for lines and increases the efficiency of both the consumer and the seller. We might not be able to predict the future, however, I would bet that the wearable technology produced by Kerv Wearables and PSI-Pay will soon open the world to a more united market.