Uk-based, PSI Pay and Kerv Wearable Introduce Game-Changer Contactless Payment Rings
Fintech, UK-based company PSI Pay has provided digital wallet payment options for customers since 2007 and has now positioned itself at the forefront of emerging technology that it believes will revolutionize the way the average consumer pays for goods and services. PSI-Pay and Kerv Wearables is betting on contactless payments as the next big innovation in global electronic payment technologies. PSI-Pay recently partnered with Kerv Wearables, who introduced it’s proprietary “contactless payment rings” back in March 2017–which are water-proof, hyper-allergenic, zirconia-based ceramic rings worn by customers that facilitate online or offline electronic payments where ever contactless MasterCard payments are accepted.
— PSI-Pay (@PSIPayLtd) May 24, 2016
Contactless Payment Rings, as much a fashion statement as a technological innovator, are powered by RFID technology that facilitates payment by simple electronic interface with merchant-provided point-of-sale terminals. The new technology, which is primarily available for use in the UK and currently only allows payments up to €30; offers customers the option of easily paying for items that would normally be paid for by fumbling through a cumbersome wallet or overflowing purse. Kerv rings eliminate the need to any longer carry change, paper money or other forms of payment that may also increase the possibilities of customers becoming victims of theft and/or loss; instead, contactless payment rings offer the ability to automatically authorize payment transactions with split-second electronic transactions between the ring and MasterCard merchant point-of-sale payment terminals. No more fumbling for your wallet or card–a simple point of the Kerv Ring at a POS terminal and a seamless payment is made. PSI-Pay and Kerv’s innovative technology is still the new-kid-on-the-block and they acknowledge that consumers will likely have to warm up to the idea of having to purchase the required jewelry to enable almost seamless payment transactions. However, judging by data that indicates that contactless payments, also called “wave and pay”, have grown exponentially over the past 10 years since its’ inception and will likely only continue to grow in market dominance, PSI Pay and Kerv Technologies are banking on becoming cashless payment industry giants in the very near future.