Category Archives: Kerv Werables

Contactless Payments Will Come to Dominate Future Market, say PSI Pay and it’s partner, Kerv Wearables

Contactless payments are seemingly the wave of the future, as it has been estimated that already over 50% of payments in the UK are made with credit or debit cards. Introducing an even more seamless method of payment are business partners, PSI Pay and KervWearables. The two companies joined up to bring a newer and more innovative technology to market that they hope will be a game-changer in the ‘wave and pay’ electronic payment industry. The new technology is called, ‘contactless payment rings’, and they are zirconium-based, waterproof, fashionable ceramic ring bands that are worn by customers and allow almost effortless electronic payments to be processed by any merchant point-of-sale MasterCard terminal that currently accepts touch-based payments. Although Fintech-run PSI Pay has been offering electronic payment services for over 10 years, it recently partnered with fairly-new kid-on-the-block, KervWearable, which created its’ proprietary ‘contactless payment rings’ technology back in 2017. Both companies confidently expect it to revolutionize the cashless payment industry.

 

 

 

Kerv’s rings feature RFID technology that interfaces with POS machines with a simple touch that reads customer information synced with already authorized payment options, such as bank accounts, PayPal, and other digital wallet sources. The rings, which are as much a fashion statement as a technological innovator; are now primarily available in the UK and make cash, pin code, and cumbersome wallets a thing of the past; as customers are able to make seamless purchases up to €30 at local businesses like coffee shops and grocery stores. Eventually, the goal is to make emerging technologies like Kerv rings and contactless payments as ubiquitous and widely-accepted as plastic debit and credit cards are today. They also present less of a security risk than carrying cash and plastic, as strict security measures have been implemented by PSI-Pay, which is regulated by Britain’s Financial Conduct Authority. The relative security safety of using cashless payments is supported by studies like the one conducted in 2016 by New York Times, that found that electronic fraud, on average, only affects around a dollar for every $2700 spent.

https://www.crunchbase.com/organization/psi-pay