Technology is changing the ways business and consumers interact nearly everyday. Consumers using physical cash or a credit card may soon be a thing of the past. A company named PSI-Pay is predicting the market will favor contactless payments in the near future. In fact, in the United Kingdom, the contactless payment trend is catching faster than every expected. The website Hitech Chronicle recently published an article about this recent trend in the market and how PSI-Pay is at the forefront of this market shift.
Stores across the United Kingdom have began contactless payment equipment due to high demand of consumers paying with this new method. PSI-Pay is leading the change with a partnership with Kerv Wearables. The service allows consumers to pay using their accounts like normal, but the twist being you don’t have to touch anything. Just a swipe of a simple ring will do the trick. Kerv Wearables has a large variety of ring sizes for users to choose from.
There is no doubt about contactless payments catching on across the world. Consumers prefer to have the transaction to be seamless and quick. They will no longer have to waste time going through their pocket or purse for the right payment form, instead its right there on the finger. There is already a strong signal for this market with the rise of digital payment forms such as cryptocurrency and google wallet. In addition, PSI-Pay reported its strongest year to date in 2015. While the traditionally cash based charity system, is also turning to digital currency transactions.
Ideas that we once were impossible, are slowly becoming reality thanks to modern advances in technology. Recently for example, a sizable portion of the population have become cell hones users. Using that as a base, the next step would be wearable technologies. PSI-Pay runs the digital currency transactions, while Kerv Wearables creates rings for users to wear. Just a quick swipe and the transaction is completed. Having the power to do this in seconds and the system being connected to your bank accounts, makes it extremely efficient. These two companies will only continue to grew as contactless payments expanded into new territories.