Contactless payments refer to payments or goods and services through the use of debit, credit, and smart cards. The introduction of contactless rings has resulted in the diminishing use of actual cash to make everyday payment.
The British Retail Consortium recently released statistics that indicate that the majority of transactions in the UK are completed through the use of credit, smart, or debit cards. The statistics suggest that cashless payment methods are eliminating the use of cash payments.
The firm’s recent innovations are said to increase the use of contactless payments. Kerv, an affiliate company of PSI-pay, recently announced that the introduction of the first contactless payment ring would impact contactless payment.
With the introduction of contactless payment rings, you do not need to tire yourself carrying around money or inputting pins. Contactless payment rings are the fastest method of payment given the increase of stores and shopping malls in the UK. It has been ten years since the introduction of contactless payment rings, and they account for a third of the overall payment in the United Kingdom. Many individuals prefer to call the payment method as the ‘wave and pay.’
Since their innovation, many companies have advocated for and are using this type of payment. The Church of England has put several electronic collection points in several of their churches to collect small sized donations. With such use, the use of coins and notes is diminishing.
Kerv contactless rings are designed in a way such that they can offer a comfortable fit. Moreover, they come in different sizes, different designs for different genders, and withstand water damages and scratches.
Kerv and PSI-pay have combined forces so that they can launch the contactless payment rings into the global market. The use of contactless payment rings is secured by the use of RFID technology. You only need to tap your card or ring to the terminal collection points to make payments.
To protect users, contactless technology can only process a limited amount of transactions. However, the restrictions vary according to different banks. When it comes to contactless payment method, PSI-pay is the leading service provider. It is regulated by the Financial Conduct Authority. PSI-pay recently partnered with Kerv to come up with contactless payment rings.