Over half of the purchases made in England are done with credit cards according to the British Retail Consortium. Signs, though, are pointing to PSI Pay and its partner, Kerv Wearables, making cashless payments eventually the norm. These two firms partnered in order to establish the first contactless payment ring that is now being used in England and internationally as well.
More and more stores are putting contactless payment systems in place. It’s the fastest way to buy things because it these systems interact with The Kerv ring which people wear on their hands. It was just recently that using credit cards surpassed using cash in England and now PSI Pay’s system looks to quickly take over from cards in the not so distant future.
Contactless payments are colloquially known as “wave and pay”. They were first established a decade ago and now one third of all payments in the UK are done in this manner. PSI Pay says that even the Church of England is on board to this new technology. Over forty of their churches now have electronic collection terminals in place so that people can easily make their donations just waving their hand.
The Kerv rings are designed to be functional and durable. They come in fashions appropriate for both men and women as well as twelve different sizes. They have been built to withstand scratching and water damage. The Kerv ring is linked to the accounts of the person wearing it through the services that PSI Pay offers. In order to make a payment with this system the user just taps their Kerv ring on the point-of-sale terminal and then off they go. Kerv had been able to launch this product using the money they raised via Kickstarter during a campaign they ran in October 2015.
There are some limits in place to protect consumers, the team at PSI-Pay says, as consumers don’t have to input a PIN or provide their signature for payments. Each bank and country has different limits in place with the United Kingdom capping transactions at 30 pounds each. For bigger purchases consumers need to link to their debit or credit card. They also need to link to a card if they want to make purchases by phone or online.