The traditional method of payments through the use of notes and coins seems to be diminishing due to the innovation of contactless payment methods. Contactless payments refer to the use of debit, credit, and smart cards for payment of goods and services. According to the statistics issued by the British Retail Consortium, 50 percent of the payments are made through the use of contactless payment methods.
The use of cashless methods is expected to dominate the market given the recent announcement by Kerv, an affiliate of PSI-pay. The two companies are advocating for cashless payments by releasing the use of contactless payment ring into the international market.
With such innovations, the use of notes and coins tends to be diminishing. Given the increase in shopping stores in the world mainly in the UK, the use of contactless payment methods is the easiest. Contactless payment methods were in the market ten years ago, and they contribute to one-third of the total payments.
Some institutions are jumping the trend and have adopted contactless payment methods in their transaction. A clear instance is with the Church of England that incorporated electronic collection point in most of their churches to make donations. The recent innovations by PSI-pay regarding easy payment methods is said to surpass the use of cash payment.
PSI-pay is a service provider that offers contactless payments through the use of credit, debit and smart cards. Kerv, an affiliate of PSI-pay provides contactless payments through the use of a contactless ring. These rings come in different sizes, different fashion trends for different genders, and can withstand scratches and water damages. Additionally, they are designed to provide comfort.
PSI-pay is the leading service provider in contactless payment and is regulated by the Financial Conduct Authority. The company provides payment card pay in the UK and around the world. Kerv recently partnered with PSI-pay to offer contactless payment ring. With this ring or card, you only have to tap it through the electronic collection point. You do not require a password or pin to complete the payment process.
With the contactless technology, you can only complete limited transactions to protect authorized consumer transactions. Nevertheless, the limitations vary from bank to bank.