Introducing PSI Pay’s Contactless Payment Ring
Many people are using alternative methods to pay for goods and services. In the United Kingdom alone, statistics pointed out that many people are now relying on their credit cards to purchase anything. The British Retail Consortium published a report that more than 50% of the purchases done by a British household are made using their credit cards. The statistic released was not surprising, knowing that for the British people, it is more convenient to swipe their card to pay for the things they bought. They consider bringing a wallet and opening it to pay for money and waiting to receive their change as a waste of time, and the government is also considering the expansion of the use of credit cards to most of the people living far away from the cities.
A financial company based in the United Kingdom, called the PSI-Pay, is stating that they have signed a partnership contract with a tech company called Kerv Wearables. What they wanted is to create a wearable ring that can also be used as a payment device. They announced their plans to the public recently, and the people felt excited about the newest developments in the field of technology. PSI-Pay stated that once their wearable rings have been developed and released commercially, many people will buy it and the demand would surely skyrocket. They are also predicting that cashless and contactless payments would become more prevalent, and more companies will follow suit. The dominance of the cashless and contactless payments is felt all across Europe, where the practice has been in effect for several years now. PSI-Pay wanted to ensure the public that once their wearable rings are out in the market, people would no longer need to go under the hassle of stashing inside their bags to look for their wallets or entering their PIN number that can be hacked anytime. Experts believe that the efficiency and convenience brought by this new technology would reshape the world of business.
For the first time in the economic history of the United Kingdom, credit card use has overtaken the use of traditional coins and bills. With the upcoming release of the ring made by Kerv Wearables and PSI-Pay, the conventional payment tools are on the threat of being eradicated. One-third of transactions in the United Kingdom today are made through contactless payments, which has been around for only a decade. Experts believe that more people will be using the technology, especially soon.