The Emergence of the Contactless Payment Technology

In the past, many people are unaware of what contactless payment is all about. They would also laugh at the idea that someone can purchase without using their money. Using only a credit that is stored inside a card or other items is also outside their reach. The technology behind contactless payment is also new, being introduced to the public less than a decade ago. A lot of companies today are now offering the contactless payment method. Some of these companies are Google, Android, and Apple – but the one standing out would be PSI-Pay. While other tech companies are offering contactless payments through cards and smartphones, PSI-Pay is the only one who introduced contactless payments made by a wearable device. According to the statistics released by the UK Cards Association, there are more than 108 million contactless payment cards that are circulating inside the United Kingdom. On average, people are paying £9.40 using these contactless payment cards, and it is widely used inside coffee shops, transport terminals, or convenience stores.

 

PSI-Pay is leading the way when it comes to the technology behind contactless payments. The United Kingdom-based company has recently announced that they are partnering with Kerv Wearables to produce a state of the art device that can be used for payments. The contactless payment ring developed by Kerv Wearables can be used to pay for goods and services, and according to PSI-Pay, most people would fall in love with its design and durability. The contactless payment rings will be released first with the British and European clients before the rest of the world could use it. Contactless payments are already the norm in the European continent, as statistics reveal that most people prefer paying using their contactless payment cards and other devices. According to experts, if the contactless payment rings from PSI-Pay would become an instant hit, the demand for the product would skyrocket, and more people would be interested in buying the ring.

 

PSI-Pay stated that the contactless rings could be used as a substitute to credit cards, and it would change the society for the better. Contactless payments have the potential to improve the growing reliance of other states to money, which can be destroyed or lost. With contactless payments, each financial data about the customer is stored within the device, and it is highly protected using the latest technology in security. The developers of the contactless rings are saying that it would be too complicated for a hacker to get inside the contactless payment ring’s system.

https://www.lb.lt/en/sfi-financial-market-participants/psi-pay-ltd