PSI Pay, with it’s affiliate Kerv, is dominating the UK market. For the first time, more transactions have been made through electronic means than through cash and coins. The result is a future of payment akin to a cashless society. Cash is not going anywhere, but as technology progresses, more consumers will be using services like PSI Pay.
What is PSI Pay all about? Its about a type of payment that does not require cash. It requires a consumer to simply touch their contactless card or Kerv ring to a terminal. The terminal and the card create a unique code to the purchase in about 50% less time than it would take for a normal card reader. Contactless cards were made for purposes such as these; places like coffee shops and trains will be able to get through hundreds of payments very quickly.
Security can be brought up as a risk, but PSI Pay has it covered. There is live bank account information available to determine if anyone has been using your contactless card. Additionally, their Kerv rings can be turned on or off. These Kerv rings are the same thing as contactless cards in that all you do to pay is touch the terminal with your ring attached to your finger. The rings never need charging as they do not have a battery, and only work in extremely close distances to ensure there can be no accidental transactions.
These rings are also tough. They are coated with a water resistant solution that makes them able to be submerged in seas as well as in normal daily activities like washing your hands. They can be ordered online and there is no fee for them.
The implications of contactless payments are very big. With coffee shops and trains being able to process hundreds of people much quicker, it will be a matter of time before these contactless payments are accepted everywhere. A local supermarket was jokingly chastised online for not accepting contactless payments, and they ended up innovating an entire system where you pay with yourself with only your smartphone. It seems businesses must adapt to this technology in order to reach their target market, both the young and the old.
PSI-Pay has reported that 2015 has been a great fiscal year. Profits increased by 5.5%. They have invested in newer technologies. They have expected 2016 to be a better year in terms of monetary advancement.