Kerv and PSI Pay, a Unique Partnership
Contactless payments refer to the use of cards in making payment for goods and services. They have been in existence for ten years, and they account for one-third of the total payment in the UK. Many individuals and firms have started to appreciate the use of contactless payments. As a result, the use of cash payments seems to be reducing. According to the Britain Retail Consortium statistics, almost half of the payments are made through the use of contactless payments. With the increases in small stores in the UK, contactless payment methods are the fastest to use.
PSI-pay is currently the leading firm as a contactless payments service provider in the UK and across the globe. The recent announcement by PSI-pay and Kerv, an affiliate of PSI-pay, will have a significant impact on the increase of cashless payment methods in the market. The two companies are advocating for cashless payment methods by introducing the use of contactless payment rings. Thus, you do not need to carry cash or even have to input pin whenever you need to make a purchase.
With the contactless payment ring, consumers only need to tap their rings to the electronic collection points. Additionally, they do not need to input passwords or pins to authorize payments. These rings have been designed such that they are comfortable and durable. Moreover, they come in different sizes, and fashions for different genders.
PSI-pay has combined its forces with Kerv to launch the contactless payment ring into the international market. These rings are secured by the use of RFID technology or near field communication. However, the contactless payment rings are limited to a certain level of transactions to secure consumers authorized payments.
PSI-pay is regulated by the British Financial Conduct Authority. Additionally, the firm is a principal member of the Mastercard which allows it to issue contactless payments such as the virtual cards, debit cards, and the prepaid credit cards.
There are certain accrued benefits when it comes to the use of contactless payments. To begin with, this type of payment is easy to use, and they are designed to make fast transactions in the stores that consumers visit. Moreover, the user only needs to touch his card or contactless ring to the electronic collection terminals to complete the transaction.