PSI-Pay is a leading financial services company based in Horsham, West Sussex, United Kingdom. They are licensed to issue branded and unbranded Mastercard payment cards. Kerv is a company that manufactures a contactless wearable payment smart ring. The payment ring can be used where there is a Mastercard contactless payment system.
PSI-Pay has entered into a partnership with smart ring manufacturer Kerv. The smart ring will help users to make payment in 38 million Mastercard contactless payment systems across the world. The smart ring has proven to be one of the most useful and innovative payment solutions available today. The innovative smart ring by Kerv has received many awards for technical innovation including a global banking award called the Temenos Innovation Jam since its launch in 2015.
The likely result of the partnership of PSI-Pay and Kerv wearables will be the dominance of cashless payments in the market. Cashless payments or payments that do not require punching a PIN number like the wearable smart ring will make payment check out points faster and more efficient.
The Kerv smart ring has a unique design that ensures that the user is comfortable. The material used to make the ring is durable and is water and scratch resistant. Kerv manufactures rings in 12 sizes and it is designed to fit male and female users. The ring is secured using NFC Near Field Communication or RFID or radiofrequency identification. Users need to tap the ring on a point of sale terminal to make payments. The ring can be turned on and off during transactions.
The maximum amount that can be used for a transaction is determined by the bank where the user has an account. Thirty pounds is the maximum that a persona can pay using the ring in the UK. PSI-Pay is regulated by the Financial Conduct Authority of the British government. The company has provided clear, efficient and transparent financial services to local and international business establishments from the year 2007.
PSI-Pay and Kerv have made the system of smart ring cashless payments for all purposes quick, simple and handy for users.