Payment technology has come a long way. We have moved from barter trade to paper money, to plastic cash until we have reached the era of wearable technology. With the wearable technology, there have been a dozen creative ways to make payments from bracelets to watches and wristbands. The means eliminate the need to carry cash, credit cards or remember your pin while making a payment. You tap, and the amount is made.
PSI-Pay is an online banking firm that deals with both debit and credit cards. Incorporated in 2006, it joined hands with Kerv wearables and Fintech Company to come up with a contactless MasterCard payment ring. One wears the ring on the middle finger and uses contactless technology to make payments.
Contactless payments are the payment methods of the future
Contactless, cashless mode of payments will become the payment methods of the future. Most of the people are now carrying less cash than they did several years back. With more outlets around the world accepting the cashless payment options, most people feel secure going cashless. Moreover, there has been increased credit information theft both offline and online leading to fear and concerns about personal financial information. With contactless technology, users will no longer have to worry about getting scammed.
Players like the PSI-Pay and its partners are working round the clock to ensure that users’ money remains safe when they carry out their transactions. The technology has a low transactional value that does not attract theft or cause a significant financial effect on the victim. Furthermore, near field technology has been widely accepted as a mode of sharing information and data on smartphones and other devices, hence making payments easier.
PSI-Pay numbers have been looking good since it started its operation in 2007, an indication that the market is taking up these innovative products. The company expects increased growth shortly as it forges new relations with suppliers and outlets across the world. MasterCard is a leading credit and debit card service company, with its cards accepted around the world. It gives PSI-Pay credibility and a vast market which can allow its solutions.