In recent years, alternative forms of payments have been on the rise. Of note, services like Apple Pay, Android Wallet, and Samsung pay all aim to provide consumers with new ways to make payment. What’s interesting is they were not the first. In fact, in 2007 PSI-Pay has been working to equip businesses with payments solutions that are just as innovative. In 2016, they took this a step further with a newly announced partnership with Kerv Wearables.
As one of the United Kingdoms leading Fintech (Financial Technologies) companies, PSI-Pay’s partnership has resulted in the development of the first contactless payment ring. The idea is to allow customers the ability to make contactless payments in over 38 million locations across the world through the use of existing methods, all in the name of innovation.
For example, with the Kerv Ring, customers will be able to find their account with their debit or credit card, bank transfer or PayPal account. Reloads can be performed automatically or manually through their top-off service. By connecting a pre-paid card, consumers will be able to make more significant purchases beyond the standard limit of £30, which can vary from territory to territory.
PSI-Pay’s managing director Phil Davis, states that he is pleased with their partnership with Kerv. They provide solutions that are the most innovative, exciting and in his eyes, useful. It is hard to argue his belief when you consider that the ring they are proposing does not require power and therefore does not need charging.
Further, at the announcement of Brexit, Phil Davis adds that PSI-Pay will operate on a business as usual basis where this was something they remained aware of during the development of this new contact payment solution. PSI-Pay is an authorized electronic-money institution under the regulation of the UK Financial Conduct Authority and is also a principle issuing member of Mastercard Worldwide. As such, they are also capable of issuing debit and prepaid cards, virtual card and contactless payments solutions across the European Economic Area. Therefore, Brexit will not have any ill-effect on their day-to-day business operations.
It is an exciting time to be in contactless payments. The partnership between PSI-Pay and Kerv has already earned them global media recognition as well as the Temenos Innovation Jam Award, among others.
Moving forward, PSI-Pay and Kerv are bound to see success among other players as their plans continue to move forward.