The Benefits of Contactless Payments and PSI Pay’s Innovation

Posted on May 30, 2018 By

Contactless payment is a recent technology developed by urbanized countries that want to eliminate the use of money as a tool for payment transactions. According to the developers of the technology, contactless payment is the combination of the features found on a credit card, debit card, and smart card. It allows an individual to purchase goods and services using the contactless payment device, and one of the leading companies offering this method is PSI-Pay. The company is headquartered in the United Kingdom, and they experienced massive popularity these past few years because of their futuristic projects, which involves the development of a contactless payment ring that will be manufactured with the help from Kerv Wearables.

PSI-Pay and Kerv Wearables recently signed up an agreement that would allow them to create a contactless payment ring that will be sold to the public in a few years. The contactless payment ring was designed to provide the wearer comfort and convenience. It is also durable, and the contactless payment ring is believed to withstand most damages incurred to it. The ring also comes in different shapes and sizes, which would cater a huge percentage of the population. According to early reports about the description of the device, the contactless payment rings has 12 standard sizes that are designed to fit the preference of any gender. It is also water and scratch resistant, making it applicable to be worn anytime and anywhere. With the cooperation between PSI-Pay and Kerv Wearables, experts state that their contactless payment ring can be sold around the world without any significant competitors, as they are the first ones to develop the idea.

Critics of the product, on the other hand, are skeptical about its success. One of their primary issues with the contactless payment rings would be its susceptibility with hackers, and the money being stolen without the knowledge of the wearer. PSI-Pay already addressed the matter, stating that each contactless payment rings are equipped with the latest RFID technology, making it a more secure option for payments.

Contactless Payment Rings would surely provide its wearers a new experience in paying for their goods and services. With only a single tap on the point of sale terminal, one could already enjoy their checkouts without the need to open up their bags and searching for their hard to find wallets. To avoid overspending, Kerv Wearables also made sure that there is a cap for each payment made each day, and for more substantial amounts that will be incurred for the day, PSI-Pay decided to connect each ring to a credit card.