PSI Pay is an automatic payment system, that uses debit, credit and smart cards as methods to pay for goods or services. Contactless payments as its called, is a recent trend that has been growing in the UK. It allows consumers to make small purchases quickly without entering a PIN or paying in cash.
PSI Pay and their affiliate, Kerv, has worked together to create an innovative ring that can be used for contactless payments. All the user has to do is tap the ring on the point of sale device, and just like that the transaction is complete. Designed to be durable comfortable to the user. With the use of NFC and RFID technology, contactless payments are made more secure. NFC stands for near field communication. The ring comes in various sizes, for both male and female. It’s also water and scratch resistant.
The wave and pay revolution has been going on for nearly 10 years now. In 2015 it accounted for a third of transactions performed in the UK. The Church of England has also embraced the new trend. They have utilized the use of contactless payments as an easy way to collect contributions.
PSI Pay Ltd. Is recognized around the world for providing secure online digital payments. The company is FCA regulated, their services gives other businesses a secure and efficient way to make payment transactions globally. PSI Pay Ltd. is legally authorized under UK electronic money regulations to issue money electronically.
The technology that enables contactless capped at a certain level to prevent unauthorized use. The maximum amount of transactions differ from bank to bank. In the UK however, the max for one transaction is thirty pounds. According to the manufacturer, Kerv, the rings can be linked to a card for large purchases or online purchases. The contactless payment ring will revolutionize the future of buying.