In England, over half of purchases are made via credit cards, and this means that cashless payments may eventually dominate the market. This is especially since PSI Pay and Kerve Wearables have worked together to release a contactless payment ring.
PSI Pay, a payment solutions company, believes that contactless payments are the future. More stores in the UK are increasingly introducing contactless payments because it is one of the fastest methods to check out. Customers simply use their device to pay for their items.
In the UK, cards have overtaken notes and coins, which marks the first time this has ever happened. That being said, Kerve’s contactless payment ring is set to poise a serious threat to traditional transactions.
It’s worth pointing out that the Church of England has installed electronic collection terminals in dozens of churches. This is a sign they are embracing the trend. On that note, PSI Pay said the trend of contactless payments will eventually surpass the use of cash transactions.
About Contactless Payment
Contactless payment involves using debit cards, credit cards and smartcards to pay for products, items and services. PSI Pay is a payment solutions company, as previously mentioned, and they offers contactless payments. Kerv is affiliated with PSI Pay, and they have a proprietary ring that allows contactless payments to be made. The rings are durable and comfortable to wear, and they are available in 12 sizes. They are designed for both men and women.
The two companies have teamed up and as a result the ring is being brought to the international market. RFID tech is used, which means there is a layer of security for contactless payments. If a user wants to make a payment via this method, they simply tap their card or ring at the payment terminal.
The payment method requires no PIN, nor do users have to sign anything. However, there are limits to how many transactions they can make, as this is to protect them from unauthorized charges.