The UK based company PSI-Pay is leading the charge for electronic payments for businesses and consumers alike. PSI-Pay is backed by the Financial Conduct Authority to allow them to issue electronic money. PSI-Pay and their affiliate Kerv Wearables have teamed up to make payments more manageable.
PSI-Pay’s online digital accounting called, ecoPayz, is how they help their customers use the electronic money internationally. They have issued their members a contactless payment card. The card allows them to quickly make transactions in coffee shops, public transportation, and other on the go payments. Kerv Wearables has teamed up with PSI-Pay and provided them with the Kerv Ring. This wearable ring comes in 14 sizes and different colors. Now, you can look stylish when you pay for your favorite latte. The devices do not require a pin or a signature making the transaction quicker.
PSI-Pay believes that contactless payment is the future of currency transactions quoting that it accounts for one-third of all sales in the UK. Contactless payment has even shown a 29% increase in business and a 45% increase in revenue increase. The contactless payment has become familiar to the 18-25-year-old demographic and consumers over 60. Adoption is continuing to grow with charity businesses offering contactless donation systems.
All the positives for contactless payments are staggering. It makes one wonder about the negative. Rest assured, PSI-Pay and Kerv have taken steps to secure these transactions. “Ecurity” is the term the companies have been using with the steps they are taking restrict theft. The technologies that used in contactless payment are Near Feild Communication (NFC), and Radio Field Identification (RFID). They are only accessible from short distances. The devices are in continuous contact with your mobile devices, and your money can be tracked immediately with a look at your mobile banking app. Banks have put transaction limits on these devices, although, the limit varies from bank to bank. The UK limit is currently thirty pounds.
All that security is put in place to keep you and your money safe. PSI-Pay is a principal member of MasterCard. This connection enables PSI-Pay to use the public MasterCard international network. PSI-Pay is known for their secure yet easy to use platform for electronic payments. So rest assured when you decide to grab a delicious sandwich at the local shop.