In recent decades, technology has radically changed how the average consumer performs a transaction. Cash was once the dominant method, but credit cards soon took over. However, even that is falling out in favor of a new form of contactless payments. Recently the British Retail Consortium reported on the increased growth of credit card transactions in the United Kingdom. While at the same time, PSI-Pay and Kerv Wearables are on the verge of reforming the industry. A recent article on the website Hi-Tech Chronicle discusses what may be on the horizon.
Starting from the top, a contactless payment is a cashless transactions. This is often in the form of a credit card or smartphone app. However, PSI Pay wants the transaction to be as simple as swiping a ring. They have teamed up with Kerv Wearables to make comfortable rings for all shapes and sizes. There is already precedence on the market for this type of technology. PSI Pay reported its most successful year to date in 2015. While third party services such as Paypal, Google Wallet, and Android Pay have caught on with the younger generation.
It is critical to remember that new technology comes with new security threats and protocols. Users are limited on the amount of money they can spend at once. Kerv rings boast having extensive tracking capabilities. The ring can also be turned off and on. PSI-Pay is regulated by Financial Conduct Authority, and in 2009 they added MasterCard to the network. That gave consumers in the EU access to a whole new payment company to use.
There is little doubt the transaction process will become increasingly simplified as technology advances. PSI-Pay and Kerv Wearables have made a bold bet on the future, and it shows strong signals of paying off. Despite security risks, and limited use opportunities, the swiftness of spending money and expanding options for consumers is too good to pass up.