During recent decades, the use of technology in our everyday lives has continued to increase. The average consumer prefers using cards over cash in the western world, but this may be about to change in the near future. In Britain, the advent of new technology from PSI-Pay and Kerv Wearables could change the transaction system to contactless payments. Otherwise referred to as “wave and pay“, they have been on the market for a decade already. The website Hi-tech Chronicle recently posted an article about how PSI-Pay is at the forefront of this market shift.
Starting at the bottom, the concept behind contactless payments is being able to swipe an item and the consumer will be instantly charged. The money can come from any accounts the user might have. Kerv Wearables wants this item to be a simple ring, which would be an item many people already wear. There are already security protocols in place to protect consumers from fraud, such as a cap on the amount of money someone can spend in a give period. The payment payment is as secure as it can possibly be.
PSI-Pay is the front runner in this market transaction change. They are a Fintech company established in 2007, under the jurisdiction of the Financial Conduct Authority in Britain. They provide financial and digital services to the UK and around the world. Between 2009 and 2014, PSI-Pay’s relationship with MasterCard grew big enough for them to begin issuing their own cards. The recent partnership with Kerv Wearables will further help them achieve their goal of widespread contactless payment use.
There are few companies in the world like PSI-Pay. They have a vision for the future and are implementing it to the best of their ability. The convenience of not having to pull out your wallet or cash for a purchase will make the product very desirable for the younger generation. While many current shoppers have already shown signs of embracing digital currency methods by opening side accounts such as Apple Pay or Google Wallet. In the not too distant future, it would be very possible to see a majority of shoppers wearing Kerv Wearables products, and transaction times reduced to mere seconds.