The British Retail Consortium recently reported that over half of the purchases made in Britain were executed with the use of credit cards. This number can soon grow considerably due to the effort of Psi Pay and affiliate Kerv Wearables who have introduced the first cashless payment system to the international market.
The time may soon be at hand when consumers can say a permanent goodbye to keeping cash in their wallet or keying pin numbers as contactless payments grow in popularity.
The report by the BRC marks the first time in the United Kingdom that sales completed with credit cards were higher in volume than traditional cash sales.
Contactless payment systems are often referred to as “wave and pay” methods and have been seen in the UK for a decade now. Presently, contactless payment is the method of choice for a third of all transactions in the country.
The Church of England has even taken notice of the popularity of contactless payment and has added collection terminals in forty locations to facilitate the collecting of donations from members.
The Psi Pay offering with Kerv works by outfitting uses with rings that are designed in a variety of sizes and for both sexes. The rings are built to be water resistant and withstand scratches.
The rings will now be available globally and are powered by either RFID or near-field communication technology. No pin or signature is required to complete a transaction and the limit on transaction amounts is set by individual banks and differ depending on the country in which the ring is being used. The transaction limit in the United Kingdom is 30 pounds. Rings by Kerv are connected to a card if larger expenditures are desired.
Psi Pay is leading the way in the proliferation of contactless payments. The firm is regulated by the Financial Conduct Authority of the British Government and is a Fintech company.
Psi Pay is staffed by professionals with considerable skill and expertise in the industry and has provided contact payment solutions in Great Brittain and abroad since 2007. Psi Pay takes its policy series and does all in its power to operate on “transparency, clarity, and efficiency.
Kerv is credited with the creation of the contactless payment ring that was launched as part of a partnership with Psi Pay. The first device of its kind to be used by consumers has become a popular alternative for customers who have tired of carrying cash and credit cards.