In this modern era forms of payment of services and goods by consumers have significantly evolved. As compared to the past where consumers used cash payments, now many purchases are made via credit cards. This cashless have dominated the currency world thanks to PSI-Pay and its affiliates. Now this companies have worked together to introduce a contactless payment ring to the international market. In many countries now cards have completely taken over the currency world compared to notes and coins.
With this new innovation by PSI Pay and Kerv wearables its affiliate company on the contactless payment ring on the market, many organizations have started adopting this method in their transactions. The proprietary is designed for comfort fashioned in such a way to fit both genders, to reduce insecurity through limited transactions and it is also durable it’s made to be water resistant. To use this type of payment a consumer is only required to tap the ring or card at a point of sale terminal.
Aside from PSI Pay and its affiliates there are other providers such as Google wallet Apple pay and Android pay. It has been estimated that now a large number of contactless cards have been distributed in the UK and in many banks but at the moment not limited to may service providers for consumers who are using them. PSI-pay is the dominating provider internationally of the contactless payment and it is regulated by the UK governments Financial Conduct Authority. The company has been operational since 2007 and in 2011 they were licensed to provide electronic money over European countries and 173 other countries worldwide. They were also enrolled as a principle member of MasterCard in 2009 to issue virtual cards prepaid and debit cards to consumers globally.
The benefits for using contactless payments, it’s easier to use and a lot faster as there is no need for counting money or checking of cards, consumer needs to make contact of the ring or card and in a matter of seconds’ payment is completed. A lot of action have been take to make this transactions more secure
Now most big retailers have adopted contactless payment terminals and as opposed as before its majority of users are not only the millennial but it is now embraced also by the old age because of its convenience.