PSI Pay and Financial Transactions in the UK
Half of all purchases done in Britain use credit cards. PSI Pay and Kerv Wearables have come up with a more natural solution for global pay standard. PSI-Pay allows the user to use a bracelet for his transactions. The transactions are entirely contactless. Besides the bracelet, PSI Pay also has a ring which is worn and scanned.
Wave and Pay Technology
No longer does a person have to depend upon looking for his credentials in his wallet, since all he needs to do is to use the ring or the adjustable bracelet. The “wave and pay” revolution is here, following so closely on the heels of the card that has taken over the UK in recent years. The Kerv “wave and pay” technology is not new to the UK, but has slowly been gathering speed among now one-third of all UK payments.
PSI Pay is used by the Church of England who has installed the necessary collection terminals in order to collect donations from church-goers. This gives an indication that cash transactions are fading out and new kinds of electronic transactions are becoming more accepted by UK population.
PSI Pay uses the card and smart cards to carry out contactless transactions. Kerv is another company that works with PSI Pay to complete contactless payments thru the use of its proprietary bracelet or ring. The Kerv ring comes in different sizes, uniquely designed for each gender. A special coating used by the devices protects the device from scratches and water damage.
Used in 139 Countries and 43 Currencies
The customer who uses the Kerv ring only needs to touch his device, bracelet or ring, to the scanning device, which uses a proprietary near-field technology. The terminal takes care of communicating the transaction. The PSI Pay/Kerv affiliation has now launched to compete on the global market acceptable in 43 currencies and 173 countries.
Limits to PSI Pay
In order to protect customers from unauthorized use of the Kerv rings or wristbands, the company has put into place certain limitation, depending upon each country and financial institution. For example, in the UK, a transaction cannot be anything larger than 30 pounds; however, rather than using only the ring, device, which does have a limit, a holder of the PSI Pay account can opt to use their card for larger transactions say at local vendors or on phone or online purchases.