The last decade has witnessed several technological disruptions in the world alternative banking and cashless payments. This includes the rise on popularity for the cashless payments with card payments overtaking cash payments for the first time in the United Kingdom. And now, PSI-Pay, a fintech company specializing in the development of cashless payment methods with its affiliate Kerv Wearables have come up with a contactless payment method that they believe will ultimately revolutionize the cashless payment industry.
Kerv’s contactless pay technology
The two companies have combined efforts to come up with a one of a kind, contactless payment ring. The rings that are now available in different sizes for either gender guarantee comfort and durability with their ability to withstand water damage and scratches. To facilitate pay, the rings exploit the NFC, near-field-communication and RFID technologies.
In such a case, you only have to tap on the ring or the card to make your payment. This PSI Pay contactless technology has been well received in the industry with several stores across the country incorporating it into their cashless payment methods. The Church of England is also on record as having set up electronic collection terminals for donations that exploit this cashless technology.
However, given that you don’t need a pin or signature to authorize pay, you are limited to the number and amounts of pay you can make using this technology. Different banks have come up with different payment volume and transaction numbers for their cardholders. Nonetheless, with millions of cards and rings already in use within the European markets, the average pay for the cashless technology stands at £9.40.
Why use this cashless technology?
PSI Pay and Kerve believe the popularity of their cashless ring payment system will only continue to soar given the convenience this form of payment gives consumers. The ring payment system isn’t just fast but is also easy to use. According to PSI-Pay, the convenience is to a large extent made possible by the fact that you no longer have to wait for the card to be validated or count cash.
About PSI Pay
PSI-Pay is one of the leading Fintech companies operating in the UK and operating under the country’s Financial Conduct Authority. The company specializes in the provision of digital account and payment cards for the local and international markets. It also graduated into one of MasterCard’s principal partners in 2009 and has for the last decade offered MasterCard services directly to the European Union market.