The Credit Card Of The 21st Century?
Contactless payment, also called e-pay and “wave and pay”, is a result of recent technological developments – specifically in the field of near-field communication technology (NFC). Through this technology, you can enter your credit card details into smart devices like smartphones and smartwatches. Once the data is stored you can use the device’s NFC sensor (if it has one) at keypads in convenience stores and restaurants to pay for goods and services. In addition to credit cards, contactless payment also works with debit and smart cards.
Contactless payment makes payment easier, faster, more secure, and more accessible than ever before as a result. It can be used anywhere that NFC readers are accepted. Although that list is still relatively small, it is growing as more and more businesses learn about the benefits of contactless pay.
Sweeping The Payment Industry By Storm
According to a report made by the British Retail Consortium, more than half of all purchases made in Great Britain are now made with credit cards for the first time in its history. With the benefits of contactless payment, the BRC expects that contactless payments will soon be the new norm for payments around the world.
— PSI-Pay (@PSIPayLtd) August 24, 2015
PSI-Pay is a company that provides e-pay services, similar to Google Pay and Apple Pay. They own Kerv, an affiliate company that produces a proprietary ring – a wearable (smart device) that uses contactless pay the same way as a smartphone. These rings come in twelve different sizes and are water and scratch resistant. In order to make a payment, all you need to do is simply tap the ring against a keypad or sensor.
With Kerv, PSI-Pay looks set to dominate the 108 million contactless payments that have been made in the UK since 2017. Since 2007, PSI-Pay has been providing its countless pay services to both local and international businesses. The company provides its services extensively throughout 170 different nations and also offers electronic currency for use.
Conclusion – A Contactless Future
E-pay offers consumers an unprecedented level of convenience, speed, and security that has never been available before. As this technology is rapidly catching on, those businesses that can ride the wave of innovation will profit greatly. PSI-Pay is doing just this. As it contributes to the industry of contactless payment, PSY-Pay is set to be a leader in the future of finance and commerce.