If you can’t remember the last time that you used cash to pay for something, you’re not alone. Most people in Britain are using credit or debit cards to make purchases now. But this comes with its own set of problems. Punching in pin numbers or searching through your wallet to find the right one can get annoying, especially when you just want to pay for your stuff and move on.
Luckily, thanks to PSI Pay, contactless payment could soon become the only way to pay. A growing number of stores are now accepting contactless payment, both in the UK and worldwide. And it’s not just stores which are taking this on. The Church of England are even getting in on it, by piloting contactless cash terminals in 40 churches to collect donations.
And of course, it wouldn’t be 2018 without this new trend inspiring several different gadgets to help make our lives even easier. PSI Pay and Kerv Wearables have teamed up to produce the world’s first contactless payment ring.
PSI Pay also operates under the brand name ecoPayz, who are authorised by the FCA. EcoPayz prides itself on being one of the world’s most reliable payment authority. Providing card and account based solutions to both businesses and individuals all over the world. It offers fast and safe ways of moving money around the world, without the hassle that you can get with other payment methods.
PSI Pay is one of the UK’s leading regulated Fintech companies who provide digital accounts and payment card facilities across the globe. Kerv Wearables is also one of the leading innovators of alternative payments, so this partnership can only be good news.
This wearable payment provider works alongside PSI Pay’s MasterCard licence, enabling users of this technology to be able to use this method of payment in over 38 million locations all over the world. Kerv users will fund their account via a debit or credit card, bank transfer or PayPal manually, or through their automatic top-up function. There is already a spark around this little gadget – with it winning the Temenos Innovation Jam Award recently, amongst a host of others. It surpassed its Kickstarter target in October 2015, and has been rapidly growing ever since.
The ring itself is a brilliant piece of wearable technology, offering both function and style. Once you initiate a transaction you need to hold the ring less than 2 inches from the contactless payment device and voila! Your transaction is complete.
This new product was first release in limited quantities in 2016, making sure that all the kinks were worked out before going on sale to the general public in 2017. However, it wasn’t as simple as that, as both Kerv and Psi Pay had to go through a rigorous application with MasterCard, to make sure that the ring was worthy of being used. The application process proved that the ring was dependable and verified the high level of security. PSI Pay predicts that this technology will eventually be the top consumer choice for quick payments on-the-go, like coffee shops and fast food.
The ring is made from zirconia ceramic to make sure that it is durable enough to be worn on a day to day basis. This material is also resistant to scratching and breaking, meaning it can be worn on a hand no problem. The outer surface of the ring is significantly harder than steel, silver and even titanium so no worries about catching it on something. It’s so durable that you’ll be able to treat it as any other ring. It also comes in 12 different finger sizes, so you’re bound to find a size that fits your hand and they offer free returns if your ring doesn’t fit entirely correctly.