The days of traditional transactions are starting to wane under the popularity of cashless payments in almost every corner of the globe. PSI Pay is one of the newest innovations to take the cashless payment trend to the next level after releasing the world’s first contactless payment ring. PSI Pay is one of the leading financial technology companies based in the United Kingdom and owns EcoPayz. It is expected to release its wearable payment device to international markets as well as domestic. The British Retail Consortium recently reported that more than half of the transactions made in the UK alone were conducted by credit cards instead of the usual notes and coins. For the first time ever in the history of the UK, cards have surpassed traditional payments.
The company’s new contactless payment ring was created in partnership with Kerv Wearables, a leading alternative payment company that produces next-gen wearable payment devices. PSI Pay offers its users overseas with digital payment accounts as well as payment card facilities. Over 38 million locations from all over the world will immediately recognize and enable the contactless payment ring in courtesy of PSI Pay’s licensed partnership with MasterCard. The managing director of PSI Pay, Mr. Phil Davies, explained that the market is finally embracing mobilized and alternative payments and he’s excitedly proud of his company’s brand new partnership with Kerv Wearables.
For those not too familiar with contactless payments, they safely use credit cards, debit cards or smartcards as a form of payment without the need for swiping, chip-reading, providing your pin number or signature. The new contactless payment ring is durable and will be available in 12 different designs and has sizes suitable for all genders. The ring features superior waterproof technology and is stated to be very comfortable to wear for continuous use. Sweden is so far the leading country to utilize cashless payments and the United Kingdom is on the fast track towards becoming the next.