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“.
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.
Kerv and PSI Pay Partner to Launch a New Mode of Contactless Payment
In most parts of the world, people have left behind the use of cash payments for the use of credits cards, online accounts and other payment solutions that do not involve the use of cash money. The reason for this evolution is the fact that cash payments have become very risky recently. Goods and services are more expensive than they used to be and human beings are developing more needs by the day. Therefore, if we had to walk around with cash, then it would be very huge amounts of money. With this, there is a risk of loss and even the risk of theft. That is why modern payment solutions have been adapted especially in the first and second world countries. Companies like PSI Pay have made this possible.
About PSI Pay
Psi Pay is a company that provides payment solutions like online accounts and cards that facilitate a non-cash form of payment in this modern economy. The FCA regulated company lends its services to individual and corporate clients in a number of countries. The company is run by a team of managers and partners with the long and successful career in the industry of internet payment solutions way before the founding of PSI Pay. The company is located in Horsham city of the United Kingdom.
PSI Pay’s latest contactless payment model
The contactless payment model is a mode of payment that uses credit cards, debit cards or smart cards as a means of payment for goods and services as well. PSI Pay in partnership with Kerv a jewelry manufacturing company has partnered and come up with a proprietary ring designed by Kerv that can be used as a form of contactless payment.
How does the proprietary ring work?
The ring uses the NFC near field communication technology or the RFID technology to act as a mode of payment. All the user has to do is to tap the ring on a point of sale terminal which will access the software and be used to make a contactless payment. Unlike other forms of contactless payments, this one does not require the use of a pin or signature. The maximum payable amount is determined by the bank it’s integrated too. In case the user wants to make large amounts worth of purchases, then he or she has the option of using a card that is linked to the ring. The card can also be used for online expenditure.
The Kerv designed ring comes in a variety of sizes, colors and is designed to be waterproof and immune to scratches. The ring is also set to accommodate all genders.