For a long time, notes and coins were the only form of payment one could use. As technology advanced, people got used to paying with debit and credit cards and many began to use those solely. More recently, contactless payments through mobile phones became more popular as they have come to be accepted by more and more businesses. We think we’re living in the future, but there’s a company called PSI-Pay that is pushing the technology even further. Now you won’t even need a cell phone to make payments.
Physical money is being used less often now and there’s a chance it might just disappear. In Britain, 50% of all transactions are now made through cards. In the UK as a whole, electronic transactions have outnumbered cash payments for the first time in history. The game is about to change thanks to PSI-Pay and their new contactless payment ring. Through a partnership with Kerv Wearables, Psi has created a ring that will allow you to complete a transaction by simply waving your hand. The contactless ring uses RFID technology and provides for an easy checkout without even needing to punch a pin.
In case you’re worried about someone hacking into your ring, it has been engineered to work at a very close distance only. In the case that an unauthorized user might get the chance to use it, the company has provided customers with a zero liability insurance. The contactless payment system is becoming so common that it has even reached the Church of England. Dozens of Churches in the country are now equipped with terminals able to receive donations through contactless electronic payment. The UK Cards association provided information that over 100 million contactless cards have recently been issued.
PSI-Pay is receiving good feedback
In 2014, PSI-Pay’s revenue increased by 15% and benefited from a gross profit increase of 43% from the previous year. For 2015, the company benefited by yet another financial increase. Income revenue again increased by another 45% and volumes increased by nearly 30%.
The company has continued to see a steady growth and increase in revenue. It expects to continue growing over the next couple of years. PSI-Pay Ltd is authorized by the FCA and is a Principal Member of MasterCard®. PSI-Pay is recognized worldwide for ecoPayz, their secure online digital account system. PSI-Pay’s system has now spread to 173 countries and allows customers to complete transactions in 43 different currencies.