In the UK today, cards are being more frequently used than cash or coins. growing trend is using contactless payments for small everyday purchases. The British Retail Consortium reports that over half of all purchases are made with credit cards. Also, the UK Card Association says that last year alone over 108 million contactless payment cards were issued. Recently, PSI-Pay and Kerv Wearables, have joined together to manufacture and release the first contactless payment ring into the international market.
PSI and Kerv’s vision was for the consumer to spend less time looking for cash or remembering PIN numbers, but instead to use contactless payments ring to checkout quickly and securely. For over 10 years, contactless payments aka the “wave and pay” revolution has accounted for a third of all payments made in the UK in 2015. Many different companies have embraced contactless payments such as the Church of England. They have joined in on the trend and now they have electronic collection terminals so that patrons can give collections and donations. PSI predicts that this method of payments will eventually surpass cash use.
— PSI-Pay (@PSIPayLtd) February 10, 2016
What are Contactless Payments?
Contactless payments use credit, debit or other smart cards to pay for goods or services you purchase. For example, if you walk into a store that accepts contactless payments you can simply tap, press or scan the card at the point of sale terminal to pay for an item. No PIN or signature is required. Some other companies that utilize contactless payments are Android pay and Apple pay.
PSI, and their affiliate Kerv, offer contactless payments in the form of an innovative ring. The ring was designed to be comfortable yet durable. It also comes in multiple sizes for men and women, they are even water and scratch resistant. The ring can even be linked with other cards for online or phone transactions.
The payments that are made are secured with the use of RFID technology. Even though payments are made easier, the technology is limited to help protect consumers from unauthorized payments. Using this method of payment has the same level of security as using a card.