Contactless payment is the growing trend amongst UK consumers to make small on-the-go payments.
According to British Retail Consortium, over half of all purchases in Britain are made by using credit cards. The recent announcement of PSI-Pay and its affiliate, Kerv Wearables, could mean that cashless payments will increasingly dominate the market. The two companies, championing cashless payments, have combined their efforts to release the first contactless payment ring to the international market.

Say goodbye to digging in your wallet for spare cash or punching in a PIN number. With a growing number of stores in the UK and worldwide, contactless payments are the fastest way to check out with a device that’s already on your hand.

In the UK, coins and notes have been overtaken over by cards for the first time in history. Now, Kerv’s contactless payment ring, the first of its kind, is poised to threaten traditional transactions. Contactless payments, commonly known as the “wave and pay” revolution, have been on the market for over 10 years and now account for a third of all payments made in the UK as of 2015.

Even the Church of England is jumping on the trend, piloting electronic collection terminals in forty churches to collect donations. Could this be the beginning of the end of cash entirely? PSI-Pay says this revolution of easy-to-use payments will eventually surpass cash use.

What is Contactless Payment?

Contactless payment uses credit, debit or smartcards as a form of payment for goods and services. PSI-Pay is a company that offers this system. Kerv, an affiliate of PSI-Pay, does it with its proprietary ring. Designed for both comfort and durability, Kerv rings come in twelve different sizes, fashioned for both genders, and are made to withstand water damage and scratches.

The two companies have now combined their forces to launch this ring into the global market. Contactless payments are made secure by the use of NFC- near-field communication- or RFID technology. In order to make a contactless payment, a consumer only needs to tap his card or ring to a point-of-sale terminal.

However, transactions that contactless technology can process are limited to protect consumers from unauthorized payments; the process does not require a PIN or a signature. The maximum amount of one transaction varies from bank to bank and differs by county. In the UK a ring’s payment capacity is capped at thirty pounds. In the case of Kerv’s product, each ring account is linked to a card for larger purchases and for phone or online expenditures.

Aside from PSI-Pay, Kerv and EcoPayz, the market encompasses Google Wallet, Android Pay and Apple Pay as other options contactless payments. The UK Cards Association reported last year that over 108 million contactless cards have been issued in the UK and nearly half a million bank-owned terminals available for these cardholders to make transactions. The average transaction made with these burgeoning technologies was around £9.40- most popularly used at but not limited to coffee shops, sandwich chains and public transport for consumers on the go.

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When it comes to contactless payment, PSI-Pay is leading the way. The contactless payment service provider, PSI-Pay, is one of the Fintech companies, regulated by the British government’s Financial Conduct Authority. The firm provides payment card conveniences and digital accounts to consumers both in the UK and around the world. PSI-Pay has recently partnered with Kerv, another leading innovator in the industry of alternative payments. Kerv’s most popular product is its contactless payment ring.

Staffed by professionals with extensive experience in alternative banking, PSI-Pay has been providing its services to local and international businesses since 2007. The company operates on its policy of clarity, efficiency and transparency. The FCA licensed this PSI Pay Ltd. in 2011, under European Union money regulations, to be able to supply electronic money. The company is now able to provide electronic money all over the European Union and comprehensively PSI-Pay provides prepaid accounts usable in over 170 nations worldwide.

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Since 2009, PSI-Pay is enrolled as a Principle Member of MasterCard, allowing PSI-Pay to issue contactless PayPass programs, virtual cards, and debit and prepaid cards to organizations and individuals globally. In addition to contactless programs, PSI-Pay has been able to offer MasterCard services directly throughout the European Union for the last ten years.

Since 2014, we have been able to offer MasterCard services directly throughout the EU.The company is seeking to empower its partners to do the best in the ever-growing field of alternative banking. This means regulating the activities of corporate partners: associated payment card programs, distribution, marketing and sales, protecting the quality associated with the PSI- Pay name.

Kerv- a PSI-Pay affiliate- is known for the proprietary contactless payment ring it launched in partnership with PSI-Pay. The first of its kind, the ring with transactional powers is a great alternative to carrying cash or even credit cards for payment of goods and services. EcoPayz is a secure online payment service that allows its users to receive, spend or send money internationally.

Why Will Consumers Use Contactless Payments?

Without a doubt, there are numerous benefits when it comes to using contactless payments. It’s objectively fast and easy-to-use; this form of payment is designed to make payments easier for all consumers in most retail settings. There is no need for credit card checking, no need to count cash, no more waiting for the card to be validated.

The user needs to just touch his contactless card or ring against the reader and the payment will be completed in seconds. The PSI-Pay- Kerv product is efficient for payments and also capable of data sharing, according to Phil Campbell, Kerv founder.

Consumers worried about the security of these technologies should know that PSI-Pay and Kerv have taken the appropriate steps to secure transactions. “Ecurity” measures have already been deployed to counter any irregularities that may result in illegal use. One measure insures zero liability on the card holder in the case that their card is used by an unauthorized person. Cards can only be used within an approved short range- a preventative measure against the threat of illegitimate copies of cards.

Contactless payment has the same security protection such as PIN and chips with multiple layers of security protections embedded on them. Kerv rings can be turned on and off and for each transaction Kerv insures background risk assessments and balance notifications. Beyond the company’s protection against unauthorized copies and false transactions, a user can easily track his transactions on his smartphone by using a banking app.

Contactless Payment is the Wave of the Future

PSI-Pay believes that contactless payment is the wave of the future. Even charitable organizations, traditionally cash-based transactions, have evolved to accept contactless payments. With the use of contactless payment rings and cards, giving cash to charities will be easier because donors no longer have to carry cash to donate their money. Carrying cash is no longer convenient.

Most big retailers offer payment terminals complimentary to Kerv’s ring and other forms of contactless payments. Sainsbury’s was one of few retailers that had not instated contactless systems in stores in 2016. Social media users did not keep silent on the issue, tweeting at the company, “Seriously 2sainsbury, it’s 2016, When are you getting contactless payments?”, “Hey @sainsburys can you stop mucking around with the 3 meal deal and get contactless in please.” Consumers rejoiced when Sainsbury’s finally hopped on the trend accepting contactless payments at the beginning of 2017.

According to Barlaycard’s reporting, it’s not just millennial consumers who are attracted to contactless. Consumers over-sixty are flocking contactless technology, now outnumbering 18 to 25-year-olds. With the growing popularity of contactless, the UK Cards Association is now working with public transportation operators to develop systems for making the technology even more compatible for Tube rides, trains, and buses.

Not only is this technology growing in popularity among consumer, this budding industry is proving profitable for companies adapting to this trend. In 2015, PSI-Pay saw a 29% increase in business volume with an impressive 45% increased revenue.

These technologies can offer a more streamlined process for public transportation, reducing the size of lines to by paper tickets and other antiquated forms of paying for the London Underground. Contactless payments will also reduce wait times at coffee shops and various retail venues that suffer from massive crowds in the country’s capital.

With Sweden on track to becoming the world’s first cashless society, the UK is making significant moves in the same direction. Even still, the movement isn’t expected to completely overturn cash quite yet. In reality cash is still very much part of the global economy as the Director of Notes at the Bank of England, Victoria Cleland, reminds the public that, “Cash is very much alive and kicking,” citing more than seventy billion pound notes in circulation. With consumer pressure and business participation, the UK will have to continue to evolve towards more convenient and flexible technologies like Kerv and PSI-Pay’s wearable payment ring.

Connect with PSI- Pay on LinkedIn and Twitter for company and product updates.


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  1. Interesting commentary on the future of finance. Contactless technologies may be more efficient and easy for consumers but I think the main benefit of leaving cash in the past is eliminating illegal money transfers, prostitution, avoiding taxes…etc.

    • The diminishing use of cash isn’t necessarily linked to decreased crime, as crypto-currency has become an easy way to make payments for illegal activity.


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