PSI-pay – Leading Service Provider in Contactless payment
With regards to the British Retail Consortium, the majority of payments are made through the use of credit cards. The recent innovation of PSI-pay is expected to increase the use of cashless payments in the market. Two famous companies that champion the innovation of cashless payments recently combined to come up with the first contactless payment ring in the international market.
With such innovations, the burden of carrying money and inputting pins will significantly reduce. Contactless payment methods are the fastest to use since you make payments with only a device in your hand. It is most suitable in the UK given the significant increase in the number of stores and warehouses.
For the first time in history, the use of coins and notes as a method of payment have been overtaken by cards in the UK. The revolution of contactless payments is said to impact the market by eliminating the traditional form of making payments. Contactless payment is mostly described as the ‘wave and pay method’ which has been in the market for more than ten years accounting for one-third of the payments methods made in the UK.
The Church of England is among the first institutions to endorse contactless payments by installing electronic collection terminals in 40 of their branches. PSI-pay suggests that this could be the beginning of the elimination of cash payment.
Contactless payments entail the use of credit, debit, and smart cards as a form of payment for goods and services. PSI-pay is a company that offers such services. On the other hand, Kerv is an affiliate of PSI-Pay that provides contactless payment services through the use of a proprietary ring. Kerv rings are designed to offer comfortability and are durable. Additionally, they come in different sizes, made to withstand water damages, and are fashioned for both genders.
Contactless rings are secured by the use of RFID technology. For consumers to make payments, they only need to tap their rings or cards at electronic collection terminals. The transactions that can be processed through the use of the contactless technology are limited to protect consumers from unauthorized transactions. Additionally, the system does not require a password or pin.
PSI-pay is currently the leading company as a contactless payments service provider. The firm is regulated by the Financial Conduct Authority.