Contactless payment has been a trend that is growing steadily for the past couple of years, especially in countries like the United States and Britain. Purchases are made using credit, debit, or smart cards as a form of payment. The use of liquid cash has been on the decrease because of the convenience and security of the contactless payment forums. PSI-Pay is a company that deals with such contactless payment forums. Together with its partner company Kerv, which uses rings, the purchase of goods has never been more straightforward. Contactless payments become protected by use of near field communication of RFID technology. The rings/cards are tapped near the point of sale terminal for them the transaction to be deemed viable.
The PSI-Pay ring comes in twelve different sizes made for both male and female gender. Maximum withdrawals depend from country to country. For instance, in the UK, thirty pounds is the maximum amount of goods one can buy. However, rings get to link to various cards for more significant purchases. The main reason as to why contactless rings are limited is that they do not have verification settings making it easier for unauthorized personnel to make purchases. Apart from PSI-Pay, there are other contactless payment forums like Apple Pay, Android Pay, and Google Wallet. The company realized its most substantial profit in the year 2015, with numbers having increased by 29% from the previous year. It being a Fintech company its primal goals are to ensure security and technology becomes enhanced by the most substantial margins possible. The firm is leading in the sector, equipped with staff that is knowledgeable on banking ventures.
Consumers prefer using a PSI-Pay contactless method of payment for various reasons. For one it is easy to use as compared to the credit and debit cards. Time to be saved, as the other forms of payment require some verification that may take some time and technicality. Nonetheless, customers were concerned about the security, PYI-Pay ensured the consumer is to ease when using the rings. Countermeasures like Ecurity have come up in case of any illegal and inappropriate use of the rings. The company too has a measure of ensuring zero liability to the owner of the card if an unauthorized person uses it. Also, the cards and rings can only activate if they are in close range to the company’s tech placed in retail stores. It is a measure used against the threat of illegal copying of cards.