Lines in banks are becoming smaller in each passing day thanks to the introduction of a paperless system of payment but this also being phased out. The introduction of wearables as a mode of payment has seen the plastic money also phasing out. PSI has also joined this bandwagon with the help of Kerv by introducing the Kerv Payment Ring. This will be a ring that will enable the users to pay seamlessly without revealing their bank details. There will be no use of a PIN or sign anything. How does this Kiev Wearable Contactless Ring compare to the current plastic money?
This is a question that most people that are a bit anxious to join the payment are asking. A research contacted a while back shows that most people are carrying less cash and need a system that is hustle free. Secondly, the ring reduces the long line in the bank and reduces the security concern that many users doing banking using plastic money have. Processing challenges is also a major concern for companies like RBS, NatWest, and TSB facing such challenges. However, the main concern on the PSI-pay supported Kerv wearables is accessibility, convenience and security problems.
The rig offers the solution to this concerns. First, it is widely accepted by over 38 million places and individuals globally, with a low transaction of only £30 which lowers risk of theft. Secondly, the card is also acceptable in different places where goods and services can be paid for. Thirdly, it is linked with other forms of payment making it more accessible. Lastly, it regulated by the FCA regulations which should calm down the fears that some might have.
The company at the center of all this is the PSI pay is an online payment service company regulated by FCA. It is authorized by FCA under European Union electronic money regulations of 2011 for the issuing of electronic money. It has partnered with other companies and business around the world to make their company the best in the world. Truly, with the strict protocol employed by different institutions, maybe biometric is the next step in verification but for now, the furthest we have gone is what PSI Pay is providing.