Today, the use of contactless payment methods has increased significantly thus diminishing the use of cash. Contactless payments are cashless payment methods in the form of debit cards, Smartcards, and credit cards to pay for goods and services. According to the statistics, 50 percent of the retail transactions were completed through the use of contactless payment methods. The recent inventions by PSI pay and Kerv are seen to increase the use of cashless payments. The two firms have partnered up to release the first contactless payment ring into the global market.
Such inventions will diminish the use of cash payment methods. Contactless payment methods are ideal and fast given the growing number of retail stores in the United Kingdom. It’s an easy process to check since you have the device in your hand.
For the first time in history, the use of cards has overtaken the use of notes and coins as a method of payment. The invention of contactless payment rings has posed threats to the traditional forms of payments. The use of contactless payment methods accounts for many of the total payments in the UK.
Some organizations have started to imitate the trend. For instance, the Church of England piloted electronic collection points in most of their churches to make donations. Such situations are said to surpass the use of cash.
PSI pay is a company that offers contactless payment system. Kerv is an affiliate of PSI pay that offers contactless payment system through the use of a proprietary ring. These rings are designed to provide comfort and flexibility to every user. They come in different sizes that are compatible with a majority of the population.
Contactless payments are secured through the use of RFID technology. With the use of contactless payment rings, consumers only need to tap into the collection centers, and within seconds they make payments. Nevertheless, users are limited to some transactions to protect authorized payments by consumers. Additionally, the process does not require the use of passwords of a PIN.
Consumers are expected to continue using contactless payment methods due to the numerous benefits. To begin with, the payment method is fast since you don’t need to wait for the card to be validated. With just a tap on the collection point, you complete the transaction within seconds.