PSI Pay is a banking alternative company based in the United Kingdom, which was founded in 2007. The company helps businesses with the financial management and provides sponsorship payment solutions in order for businesses to have the support from an institution which is FCA regulated. PSI Pay is a Principal Member of MasterCard ever since 2009, is licensed to issue debit cards, prepaid cards, and electronic products which are available in 173 countries and in 44 currencies. In addition, the company is able to offer clients MasterCard services across the European Union.
British Retail Consortium announced that more than half of all purchases made in Britain were made by using credit cards. PSI Pay has partnered up with Kerv Wearables in order to create a contactless payment ring – this will help increase the level with which cashless payments dominate the market. The number of stores throughout the United Kingdom and throughout the world which are adopting contactless payments is growing, which is why the gadget put forth by PSI Pay and Kerv provides a fast way to make payments.
Contactless payment uses debit cards, credit cards or smart card as a form of payment. The ring launched by PSI Pay and Kerv is designed for both durability and comfort; they come in 12 different sizes and are fashioned for both males and females. In addition, they are designed to withstand scratches and water damage.
— PSI-Pay (@PSIPayLtd) February 10, 2016
PSI Pay considers that using contactless payment is a waver of the future. Barclaycard reported that consumers who are over sixty years old are using contactless technology, even outnumbering consumers who are between 18 to 25 – pointing to the fact that not only millennial consumers are interested in contactless payments. As a result of the increasing popularity of this payment method, the UK Cards Association works with operators from the public transportation industry in order to develop systems in order to make the technology compatible for buses and trains.
Using contactless payment offers a number of benefits. The technology is easy to use and fast, paying does not require the credit card checking, or waiting for the card to get validated – which will make things easier for retail customers. The user will simply have to touch the reader with their ring or contactless card and the payment is finished in a few seconds. In addition, PSI Pay and Kerv took the necessary measures to ensure that the technology is secure and can counter irregularities.